Upon completion of the merger, Ingersoll Rand shareholders are expected to collectively own approximately 50.1% of the shares of Gardner Denver common stock on a fully-diluted basis, and current Gardner Denver stockholders are expected to collectively own approximately 49.9% on a fully-diluted basis.Īs an example, using a hypothetical record date of Januand assuming 238,401,033 Ingersoll Rand shares outstanding and 210,398,480 Gardner Denver shares outstanding, the total shares of Gardner Denver common stock issued pursuant to the merger would equal 211,241,761 shares (or approximately 0.8861 of a share of Gardner Denver common stock with respect to each ordinary share of Ingersoll Rand). In connection with the merger, the Ingersoll Rand Industrial shares would be converted to the right to receive Gardner Denver shares as illustrated in the hypothetical below. Immediately following the spin-off, Ingersoll Rand Industrial will merge with a subsidiary of Gardner Denver. The distribution will not impact the number of shares held by shareholders in Ingersoll-Rand plc, which is expected to change its name to Trane Technologies plc and its ticker symbol to “TT” following the merger.
#Gaardner denver holdings spin ioff pro#
(“Ingersoll Rand Industrial”), to Ingersoll Rand shareholders as of the record date by means of a pro rata distribution. Subject to the satisfaction or waiver of customary closing conditions, Ingersoll Rand will distribute all of the shares of common stock of its wholly owned subsidiary, Ingersoll-Rand U.S. The spin-off and the previously announced merger are expected to be completed on February 29, 2020, subject to certain remaining conditions including the approval by the stockholders of Gardner Denver Holdings, Inc. S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence.Ingersoll-Rand plc (NYSE: IR) today announced that it has set a record date of Februfor the proposed spin-off of its Industrial segment. Since Charles Dow invented the first index in 1884, S&P DJI has become home to over 1,000,000 indices across the spectrum of asset classes that have helped define the way investors measure and trade the markets. More assets are invested in products based on our indices than products based on indices from any other provider in the world. S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500 ® and the Dow Jones Industrial Average ®. Headquartered in Denver, CO, the company will be added to the S&P MidCap 400 GICS Oil & Gas Exploration & Production Sub-Industry index.įor more information about S&P Dow Jones Indices, please visit ABOUT S&P DOW JONES INDICES Headquartered in Milwaukee, WI, the company will be added to the S&P 500 GICS Industrial Machinery Sub-Industry index.Ĭimarex Energy operates as an independent oil and gas exploration and production company. Gardner Denver provides mission-critical flow control and compression equipment and associated aftermarket parts, consumables, and services. Chesapeake Energy is ranked near the bottom of the S&P MidCap 400 and is no longer representative of the mid-cap market space. Cimarex Energy has a market capitalization more representative of the mid-cap market space. Immediately following its merger with the industrial segment business, Gardner Denver will have a name and ticker change to "new" Ingersoll Rand Inc.
Post-spin-off, the "old" Ingersoll-Rand will change its name and ticker to Trane Technologies plc (NYSE:TT), and Trane will remain in the S&P 500 with a Global Industry Classification Standard (GICS) change to Building Products Sub-Industry classification.
S&P 500 constituent Ingersoll-Rand plc (NYSE:IR) is spinning off its industrial segment business which will be merged with Gardner Denver Holdings.
(NYSE:CHK) in the S&P MidCap 400 effective prior to the open of trading on Tuesday, March 3. (NYSE :XEC) in the S&P 500, and Cimarex Energy will replace Chesapeake Energy Corp. (NYSE:GDI) will replace Cimarex Energy Co. 27, 2020 /PRNewswire/ - Gardner Denver Holdings Inc.
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