United Online Sees Delay in FTD SpinoffFriday, September 20, 2013
The spinoff of FTD Companies Inc. from United Online Inc. will take a month longer than anticipated due to a delay in receiving required regulatory approvals, the company said Friday.
United Online, in Woodland Hills, had planned to complete the spinoff on Oct. 1. That is now been changed to Nov. 1, according to a press release. The company declined to name the specific regulatory agency.
In April, United Online filed its initial registration statement for its FTD spinoff with the Securities and Exchange Commission. Shareholders will receive one share of FTD common stock for every five shares of United Online common stock.
United Online Chief Executive Mark Goldston said that the split will allow both companies to better capitalize on their well-recognized brands.
“We continue to believe that the tax-free spinoff of FTD will unlock value for the benefit of our stockholders and provide significant operational and strategic flexibility for both FTD and United Online,” Goldston said in the release.
Following the split, Goldston plans to step down from United Online, where he has been for 14 years. Current FTD President Robert Apatoff will become chief executive of the spinoff.