GEO Group (GEO) Engages BofA, Barclays as Advisors in REIT Conversion
Tweet Send to a FriendGet Alerts GEO Hot Sheet
Up)
Trade GEO Now!
The GEO Group, Inc. (NYSE: GEO) ("GEO") provided an update today on its ongoing evaluation of a potential conversion into a real estate investment trust ("REIT") during its second quarter 2012 earnings conference call.
GEO has engaged the law firm of Skadden Arps as its legal advisors and Bank of America Merrill Lynch and Barclays Capital as its financial co-advisors to assist with the comprehensive review. In the middle of July 2012, GEO submitted a request to the United States Internal Revenue Service for a private letter ruling in order to better inform GEO's board of directors regarding the potential advantages and disadvantages of a REIT conversion and to determine whether GEO would qualify to convert to a REIT.
Once GEO and its advisors complete the comprehensive analysis being performed regarding a potential REIT conversion, GEO's board of directors will be adequately informed and in a position to determine whether to move forward with a REIT conversion. If GEO's board of directors concludes that it is in the best interest of GEO to proceed with the REIT conversion, GEO would seek to complete the conversion by the earliest conversion date which is January 2013; however, due to the short timeframe, the REIT conversion could be delayed until the next available conversion date which is January 2014. A conversion by GEO into a REIT would require the approval of GEO's shareholders.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
GEO has engaged the law firm of Skadden Arps as its legal advisors and Bank of America Merrill Lynch and Barclays Capital as its financial co-advisors to assist with the comprehensive review. In the middle of July 2012, GEO submitted a request to the United States Internal Revenue Service for a private letter ruling in order to better inform GEO's board of directors regarding the potential advantages and disadvantages of a REIT conversion and to determine whether GEO would qualify to convert to a REIT.
Once GEO and its advisors complete the comprehensive analysis being performed regarding a potential REIT conversion, GEO's board of directors will be adequately informed and in a position to determine whether to move forward with a REIT conversion. If GEO's board of directors concludes that it is in the best interest of GEO to proceed with the REIT conversion, GEO would seek to complete the conversion by the earliest conversion date which is January 2013; however, due to the short timeframe, the REIT conversion could be delayed until the next available conversion date which is January 2014. A conversion by GEO into a REIT would require the approval of GEO's shareholders.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: Citi Raises PT on Micron Technology (MU) to $19
- Five Below (FIVE) Tops Q1 EPS by 1c, Boosts FY13 Outlook
- PVH Corp. (PVH) Tops Q1 EPS by 56c; Issues Q2 EPS, Revs Outlook
Create E-mail Alert Related Categories
Corporate NewsRelated Entities
Merrill Lynch, Bank of America, Barclays, Earnings
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
