Finance History | 11 Wall Street — MES Stops and CVS Opens
· 1996-10
Unreviewed contributionBy kevin · · Report an issue
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Finance History | 11 Wall Street — MES Stops and CVS Opens
kevin
People treat CVS Health as a Woonsocket pharmacy chain that always printed CVS.
The 1996 issuer was Melville Corporation, a New York retail conglomerate already listed on the New York Stock Exchange.
Melville bought Consumer Value Stores in 1969. In October 1995 the board announced a restructuring that would leave the drug chain as the surviving public company and spin the shoe chains as Footstar.
The company's 1996 Form 10-K records that the New York Stock Exchange symbol changed from MES to CVS on 16 October 1996. Footstar common was distributed on 12 October 1996.
Stockholders approved the Delaware holding-company plan on 19 November 1996. The corporate name became CVS Corporation on 20 November 1996.
No cash IPO of CVS was sold. Holders of Melville common kept the same book under a new tape.
The mechanism is a conglomerate unwind. The listed company shed Marshalls, Kay-Bee, Thom McAn and the rest until the remaining share was a drugstore.
The pin is the Broad Street facade of the Exchange, where CVS still prints. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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