Spinoff to Be Tax-Free
<i> Dow Jones</i>
ANAHEIM —
Odetics Inc. said the Internal Revenue Service ruled that its spin-off of ATL Products Inc. will be tax-free.
Odetics said Thursday the distribution of 8 million common shares, about 82.9% of ATL Products, is scheduled to be made Oct. 31 to Odetics shareholders of record Oct. 14.
Odetics said its shareholders will receive about 1.1 ATL Products common shares for every Odetics share.
ATL supplies mid-range automated library systems. Odetics supplies data-management and communication equipment.
