Xerox says its board of directors has approved plans for the company’s separation into Xerox for the printer and copier business, and Conduent for the business services company.
On December 31st, Xerox stockholders will receive one share of Conduent for each five shares they own of Xerox as of December 15th. Shareholders don’t have to do anything else to receive their shares and should get the full particulars in the mail.
If your Xerox shares don’t divide neatly by five, you won’t get partial shares of Conduent. Any fractional shares of Conduent left over will be put together and sold on the stock market, with the money being distributed to the shareholders to make up the difference.