Aramark Ok's Spin-Off Of Uniforms And Workplace Supplies Business As Vestis

(RTTNews) - Aramark (ARMK) announced Wednesday that its Board of Directors approved the previously announced tax-free spin-off transaction of its uniforms and workplace supplies business, which will be named Vestis.

The spin-off is expected to be completed on September 30, 2023, and will be effected through a pro rata distribution of the common stock of Vestis Corp.

Holders of Aramark common stock will be entitled to receive one share of Vestis common stock for every two shares of Aramark common stock held as of the close of business on September 20, 2023, the record date for the distribution.

Aramark stockholders who hold Aramark common stock on the record date will receive a book-entry account statement reflecting their ownership of Vestis common stock or their brokerage account will be credited with Vestis shares.