I am being told that NCR gave instructions to pay-out (sell) any fractional shares held by its stockholders in connection with the Teradata spin-off. Is this true?
The distribution of shares of Teradata Corporation stock in connection with the spin-off was made on a one for one basis. Each record shareholder received one share of Teradata common stock for each share of NCR common stock held as of the record date for the distribution, September 14, 2007. If you hold your shares in a record account with Teradata’s transfer agent, Mellon Investor Services, you received whole and fractional shares. (For example, if you owned 12.2 shares of NCR stock as of the spin-off record date, you received 12.2 shares of Teradata stock in the distribution, which are in addition to the 12.2 shares of NCR stock you continue to own.) If you owned your shares of NCR stock prior to the spin-off through a bank or broker, you may not receive fractional shares of Teradata stock in connection with the spin-off distribution. In many cases, brokers do not distribute fractional shares in connection with spin off transactions. Instead, brokerage firms pay their clients cash i
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