Henry Schein Announces Record Date, Distribution Date And Anticipated When-Issued Trading Market For Spin-Off Of Animal Health Business
MELVILLE, N.Y., Jan. 8, 2019 /PRNewswire/ -- Henry Schein, Inc. (Nasdaq: HSIC), the world's largest provider of health care products and services to office-based dental, animal health, and medical practitioners, announced today that in connection with the previously announced spin-off of its Henry Schein Animal Health Business, its Board of Directors has established January 17, 2019, as the record date (the "Record Date") and February 4, 2019, as the anticipated distribution date ("Distribution Date") for the distribution of shares of HS Spinco, Inc., the new company formed to effectuate the spin-off ("Spinco"). Spinco has filed an amended registration statement on Form S-4/S-1 (the "Registration Statement") with the U.S. Securities and Exchange Commission ("SEC"), which has not yet become effective, relating to the planned spin-off and subsequent merger with Direct Vet Marketing, Inc. (d/b/a Vets First Choice), which is also anticipated to be consummated on the Distribution Date. Investors may find an electronic copy of Spinco's amended registration statement by searching for HS Spinco, Inc. at www.sec.gov.
Spinco intends to list its common stock on the Nasdaq Global Select Market (the "Nasdaq") under the symbol "CVET" and will change its name to Covetrus, Inc. The spin-off will occur by way of a dividend of 0.4 of a share of Covetrus common stock for each share of Henry Schein common stock held on the Record Date. Henry Schein common stock will continue to trade on the Nasdaq under the symbol "HSIC."
It is anticipated that, promptly after effectiveness of the Registration Statement, which is expected to occur no later than January 28, 2019 (assuming a continuation of the U.S. federal government shutdown), trading of Covetrus common stock will begin on a "when-issued" basis (identified by the letter "v" at the end of the trading symbol - CVETV) and such trading will continue through the Distribution Date. "Regular way" trading in Covetrus common stock will begin on the first trading day after the Distribution Date. It is also anticipated that shortly before the Record Date and through the Distribution Date, there will be two markets in Henry Schein common stock: a "regular-way" market and an "ex-distribution" market (identified by the letter "v" at the end of the trading symbol - HSICV). Henry Schein common stock that trades on the regular-way market will trade with an entitlement to the Covetrus common stock to be distributed in the spin-off, and shares that trade on the ex-distribution market will trade without an entitlement to the Covetrus common stock to be distributed in the spin-off.
Additional Information and Where to Find It
All forward-looking statements made by us are subject to risks and uncertainties and are not guarantees of future performance. Therefore, you should not rely on any of these forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For example, these forward-looking statements could be affected by factors including, without limitation, risks associated with the ability to consummate the transaction and the timing of the closing of the transaction; the ability to obtain requisite approvals; the ability to successfully integrate operations and employees; the ability to realize anticipated benefits and synergies of the transaction; the potential impact of the announcement of the transaction or consummation of the transaction on relationships, including with employees, customers and competitors; the ability to retain key personnel; the ability to achieve performance targets; changes in financial markets, interest rates and foreign currency exchange rates; and those additional risks and factors discussed in the Registration Statement, including those discussed under the heading "Risk Factors" in the Registration Statement. We undertake no duty and have no obligation to update any forward-looking statements contained herein.
About Henry Schein, Inc.
A Fortune 500® Company and a member of the S&P 500® and the Nasdaq 100® indexes, Henry Schein's network of trusted advisors provides health care professionals with the valued solutions they need to improve operational success and clinical outcomes. Henry Schein offers customers exclusive, innovative products and solutions, including practice management software, e-commerce solutions, specialty and surgical products, as well as a broad range of financial services. Henry Schein operates through a centralized and automated distribution network, with a selection of more than 120,000 branded products and Henry Schein private-brand products in stock, as well as more than 180,000 additional products available as special-order items.
Headquartered in Melville, N.Y., Henry Schein has operations or affiliates in 34 countries. The company's sales reached a record $12.5 billion in 2017, and have grown at a compound annual rate of approximately 15 percent since Henry Schein became a public company in 1995. For more information, visit Henry Schein at www.henryschein.com, Facebook.com/HenrySchein, and @HenrySchein on Twitter.
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SOURCE Henry Schein, Inc.
Company Codes: NASDAQ-NMS:HSIC