Corrections Corp. of America (CXW) Up After Push from Corvex to Convert to REIT
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CCA (CXW) Board Approves REIT Conversion, Updates Guidance
February 7, 2013 5:32 PM ESTCCA (NYSE: CXW) announced today that its Board of Directors (the Board) has unanimously authorized the Company to elect to qualify as a Real Estate Investment Trust (REIT) for the taxable year commencing January 1, 2013 (the REIT Conversion). This decision follows the receipt of a favorable Private Letter Ruling (PLR) from the IRS, and completion of the internal reorganization previously announced. CCA has also received an opinion from Latham & Watkins LLP, which advised CCA on its REIT conversion that CCA qualifies as a REIT.
John Ferguson, Chairman of the Board, stated, "Based on a... More
