Altice NV shareholders approved the proposed separation of Altice USA Inc. from the company at an annual general meeting.
The separation is to be effected by a special distribution in kind by Altice of its 67.2% stake in Altice USA to Altice NV shareholders out of Altice NV's share premium reserve, the company said May 18. Altice NV will be renamed Altice Europe.
Altice NV shares will be traded ex-dividend as of May 22 on Euronext Amsterdam, while the distribution record date will be May 23.
Each shareholder of the company as of the distribution record date will be entitled to receive 0.4163 share of Altice USA common stock for every share held. Between May 24 and June 4, each shareholder will be able to elect the percentage of shares of Altice USA class A common stock and shares of Altice USA class B common stock such shareholder will receive in the distribution, whereby the number of shares of Altice USA class B common stock to be distributed will be subject to a cap of 50% of the total shares of Altice USA common stock being distributed.
If, however, a shareholder does not make an election, the distribution will be paid in the form of Altice USA class A common stock. Based on the final results of the election and any proration, Altice NV will convert shares of class B common stock into the requisite number of shares of class A common stock for the distribution, which is expected to happen on June 8.
