United Online this afternoon announced that it plans to split off its FTD?unit into a separate public company.
It also intends to review strategic alternatives for both its Content & Media group, which includes social networking sites like Classmates, Memory Lane and SchoolFeed, and for its communications businesses, which includes?NetZero and Juno, both providers of Internet access services.
The company?s FTD unit operates the FTD and Interflora flower delivery networks.
United noted that one option for the content business would be to spin it off as well into a separate public company.
?While the breadth and strength of our businesses has for many years served our stockholders well, we believe that it currently is in the best interests of United Online and its stockholders to separate these distinct businesses,? CEO Mark Goldston said in a statement. ?The separation is expected not only to unlock value for the benefit of our stockholders, but also to provide significant operational and strategic flexibility for these businesses, better position them to capitalize on their well-recognized brands, and enhance long-term stockholder value. This approach also is consistent with input received from various stockholders over the past year, many of which have expressed a view that the market price of our shares does not adequately reflect the inherent value of our businesses.?
The company said the FTD spin-off would come in the form of a tax-free distribution to holders. The spin is expected to be completed as soon as Q1 2013, but in any case within 12 months.
United Online said it has?retained Moelis & Co. as a financial advisor.
Trading in United Online has been halted for news.
Source: Forbes
Source: http://buildownsocialnetworksite.com/untied-online-to-spin-ftd-unit-mulls-sale-of-other-assets/481/
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