SYNNEX Board Approves SYNNEX and Concentrix Separation
The separation will occur by means of a distribution to SYNNEX stockholders of 100% of the outstanding shares of Concentrix.
Each SYNNEX stockholder will receive one share of Concentrix common stock for every one share of SYNNEX common stock held based on record date.
SYNNEX, a leading IT distribution, services, and integrated solutions company, today announced that its board of directors has approved the completion of its previously announced separation of SYNNEX and Concentrix, a leading global provider of customer experience (CX) solutions and technology, into two independent, publicly traded companies. The separation will occur through a pro rata distribution of all Concentrix stock to SYNNEX stockholders. The distribution remains subject to the satisfaction of all conditions described in the preliminary information statement filed with the Form 10, including but not limited to obtaining all necessary regulatory approvals, including that of the SEC.
In the distribution, SYNNEX stockholders will receive one share of Concentrix common stock for each share of SYNNEX common stock held at close of business on November 17, 2020, the record date for the distribution. Pending the satisfaction of the above-mentioned conditions, the distribution of Concentrix common stock is expected to occur on December 1, 2020.
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Immediately following the distribution, Concentrix will be an independent, publicly traded company and will be listed on the NASDAQ Stock Market under the ticker “CNXC”. SYNNEX will continue trading on the NYSE under the ticker “SNX”.
“This transaction provides SYNNEX and Concentrix enhanced agility to capitalize on market opportunities and better align investments to individual business objectives and client needs,” said Dennis Polk, President and CEO of SYNNEX. “It also provides additional flexibility for the continual innovation and transformation that the pace of each respective industry requires. By separating, we expect to deliver greater value to investors by further strengthening our position in each of our markets.”
Beginning on or about November 16, 2020, and continuing up to the distribution date, it is expected there will be two markets in SYNNEX common stock. Shares traded in the “regular-way” market will be entitled to shares of Concentrix common stock pursuant to the distribution, while shares traded in the “ex-distribution” market will trade without an entitlement to shares of Concentrix common stock pursuant to the distribution. Shares of SYNNEX in the “ex-distribution” market will trade under the symbol “SNX WI”.
Concentrix anticipates that “when-issued” trading will begin on or about November 16, 2020, and will continue up to the distribution date. Shares of Concentrix in the “when-issued” market will trade under the symbol “CNXCV”. “Regular-way” trading of Concentrix common stock is expected to begin on December 1, 2020, the first trading day following the completion of the separation (although this date may change if certain conditions are not satisfied by that date, as described in Concentrix’ preliminary information statement filed with the Form 10).
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SYNNEX stockholders who hold common stock on the record date and decide to sell any of their common stock before the distribution date should consult with their stockbroker, bank, or other nominee to understand whether the shares of SYNNEX common stock will be sold with or without the entitlement to Concentrix common stock pursuant to the distribution.
No action is required by SYNNEX stockholders to receive shares of Concentrix common stock in the distribution. SYNNEX expects to make the information statement available to all stockholders entitled to receive the distribution of shares of Concentrix common stock. The information statement is an exhibit to Concentrix’ Registration Statement on Form 10 that describes Concentrix, including the risks of owning Concentrix common stock, and other details regarding the separation. The distribution of Concentrix common stock is subject to the conditions described in the information statement, including, but not limited to, obtaining all necessary regulatory approvals, including that of the SEC.
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