SAIC (SAI) Plans Separate Into Two Independent, Publicly Traded Companies

August 30, 2012 4:08 PM EDT
Science Applications International Corporation (NYSE: SAI) said the board has authorized management to pursue a plan to separate into two independent, publicly traded companies.

The proposed separation is intended to take the form of a tax-free spin-off to SAIC stockholders of 100% of the shares of a newly formed company focused on government technical services and enterprise information technology (IT).

The spin-off is expected to occur in the latter half of next fiscal year, subject to final approval of the Board of Directors. The spin-off is not expected to require a vote of the stockholders of SAIC.

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