On Friday, after many months of deliberating, guardian firm L Brands’ board authorised the spin-off of the lingerie model, which incorporates the Victoria’s Secret Lingerie, Victoria’s Secret Beauty and Pink divisions.
The transfer places Victoria’s Secret on the New York Inventory Alternate as a stand-alone agency, below the inventory ticker “VSCO.” As well as, L Brands Inc. will quickly grow to be Bathtub & Physique Works Inc., with the inventory ticker going from “LB” to “BBWI.”
The modifications are anticipated to take impact Aug. 2. L Manufacturers’ frequent inventory will start buying and selling below the brand new inventory ticker the next day.
L Manufacturers plans to distribute 100% of the shares of Victoria’s Secret to eligible shareholders of L Manufacturers’ frequent inventory after market shut on Aug. 2, with L Manufacturers stockholders receiving one share of Victoria’s Secret frequent inventory for each three shares of L Manufacturers frequent inventory held on the shut of enterprise on the file date of July 22.
Goldman Sachs and J.P. Morgan are serving as monetary advisers for the deal.
Victoria’s Secret has been laborious at work during the last 18 months to revive the innerwear