Finance History | 11 Wall Street — One Share of EW for Five of Baxter
· 2000-4
Unreviewed contributionBy kevin · · Report an issue
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Finance History | 11 Wall Street — One Share of EW for Five of Baxter
kevin
People treat Edwards Lifesciences as an Irvine valve house that always printed EW after a finished medical-device book.
The April 2000 issuer was a cardiovascular slice cut out of Baxter International Inc.
A company release dated 3 April 2000 said the spin-off closed on 31 March as a tax-free dividend. Baxter holders of record on 29 March received one Edwards share for every five Baxter shares.
About 58 million Edwards shares were outstanding. When-issued trading had begun on 27 March.
Regular-way trading opened on the New York Stock Exchange on 3 April 2000 under EW.
The Los Angeles Times, citing Dow Jones, recorded the first regular-way close at 13.75 dollars in 2000 currency, up 19 cents, on volume of nearly 2.9 million shares. A company official told the paper the when-issued tape had been near 16 dollars.
The same release put the spun book at about 800 million dollars of 1999 revenue and named tissue valves and valve-repair products as the core line.
The mechanism is a tax-free split of a hospital-supply parent into a standalone heart-device tape. Holders received both names instead of one combined book.
The ticker is still EW.
The pin is the Broad Street facade of the Exchange. 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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