Teledyne Splits Shares, OKs Spinoffs: Teledyne Inc.’s...
From Times Staff and Wire Service Reports
Teledyne Splits Shares, OKs Spinoffs: Teledyne Inc.’s board of directors declared a 5-for-1 common stock split, payable March 8 to shareholders of record Feb. 8. The board also approved the Los Angeles-based firm’s previously reported spinoff of its insurance and finance units to a new company named Unitrin Inc. The spinoff is expected to be effective March 31. Distribution of Unitrin’s stock will be on a post-split basis, with shareholders receiving one share of the new firm for each share of Teledyne.
