8-KOther EventsExhibits & Filings

DOVER Corp 8-K Report, Corporate Update (Feb 6, 2014)

Filed February 6, 2014For Securities:DOV

Summary

Dover Corporation (DOV) filed an 8-K on February 6, 2014, detailing the formal approval of the spin-off of its communication technologies businesses into a new, independent public company, Knowles Corporation. This move aims to streamline Dover's operations and allow shareholders to directly participate in the value creation of the specialized communication technologies segment. The filing specifies key dates for the distribution, including a record date of February 19, 2014, and an expected distribution date of February 28, 2014. Dover shareholders will receive one share of Knowles common stock for every two shares of Dover stock held on the record date, with cash provided for fractional shares. This strategic decision is expected to unlock shareholder value by creating two distinct, focused companies.

Key Highlights

  • 1Dover Corporation's Board of Directors has formally approved the spin-off of its communication technologies businesses.
  • 2The new entity will be named Knowles Corporation.
  • 3Shareholders will receive one share of Knowles Corporation common stock for every two shares of Dover Corporation common stock held.
  • 4The record date for the distribution is set for February 19, 2014.
  • 5The expected distribution date for the Knowles Corporation shares is February 28, 2014.
  • 6Cash will be distributed in lieu of fractional shares of Knowles Corporation.
  • 7The spin-off is subject to the satisfaction or waiver of certain conditions, expected to be met by the distribution date.

Frequently Asked Questions

The main event reported is the formal approval by Dover Corporation's Board of Directors for the spin-off of its communication technologies businesses into a new, independent company named Knowles Corporation.

Dover shareholders as of the close of business on February 19, 2014 (the Record Date) will receive one share of Knowles Corporation common stock for every two shares of Dover Corporation common stock they own.

The distribution of Knowles Corporation shares to Dover shareholders is expected to occur after the close of trading on the New York Stock Exchange on February 28, 2014.

You will receive cash in lieu of any fractional shares of Knowles Corporation common stock that you would otherwise be entitled to.