Finance History|11 Wall Street — One ABBV Share for Every Abbott Share
· 2013-1
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Finance History|11 Wall Street — One ABBV Share for Every Abbott Share
kevin
People treat AbbVie as a North Chicago weight that always printed ABBV on a mature Big Board book.
The first public tape was not an offering. It was a dividend.
Abbott Laboratories completed the distribution of 100 percent of AbbVie Inc. common stock on 1 January 2013.
Holders of record as of the close of business on 12 December 2012 received one AbbVie share for each Abbott common share.
Cash was paid in lieu of fractions. Abbott kept no residual stake.
The new letters opened on the New York Stock Exchange on 2 January 2013, the first full session of the year.
An Investor's Business Daily report from that morning put the opening print at 34.40 U.S. dollars.
Bloomberg recorded the close at 35.12 U.S. dollars, up 2.8 percent, for a valuation of about 55.5 billion U.S. dollars in 2013 currency.
Abbott closed the same session at 32.05 U.S. dollars, up 2.3 percent.
NYSE Euronext's welcome note said about 1.58 billion existing AbbVie shares were admitted by direct listing, without a cash primary.
The research-drug book, led by the immunology franchise Humira, walked out of a 125-year parent so two businesses could trade on separate multiples.
The pin is the Broad Street facade of the exchange that took the new letters. The trading floor is not a visitor gallery.
The mechanism is a tax-intended spin that created a second tape instead of selling a slice of the old one.
Photo: New York Stock Exchange, via the collection photograph already ingested for Big Board listings.
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