Windstream Holdings Inc. has been formed as the publicly traded parent company for Windstream Corp. and its subsidiaries. It will begin trading Tuesday on the Nasdaq stock exchange, company officials announced Friday.
Windstream Corp.’s existing shares of common stock will be converted to equivalent shares of Windstream Holdings stock on a one-for-one basis at the close of trading Friday, officials said in a statement.
The ticker symbol remains WIN.
The conversion and exchange do not require action by stockholders, officials said. Windstream Corp.’s board of directors and officers will oversee Windstream Holdings, and there will be no change in the company’s dividend practice.
The new ownership design will enhance Windstream’s corporate structure and provide greater financial and strategic flexibility, officials said.
The Arkansas-based company has begun moving infrastructure and some 300 workers into the redeveloped Seneca Building on South Clinton Avenue near East Main Street.
A ribbon-cutting is scheduled for 10 a.m. Tuesday.
Rochester Mayor Thomas Richards, Monroe County Executive Maggie Brooks, Windstream President and CEO Jeffery Gardner, Pike Co. Inc. Chairman and CEO Thomas Judson and U.S. Sen. Charles Schumer are among those scheduled to attend.
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email firstname.lastname@example.org.