Summary
Simon Property Group, Inc. (SPG) has filed an amendment to its Form 8-K, providing an update on the previously announced spinoff of its wholly owned subsidiary, Washington Prime Group Inc. (WPG). The board of directors has established a record date of May 16, 2014, for stockholders to be eligible to receive shares of WPG. Investors holding SPG common stock as of the record date will receive one share of WPG common stock for every two shares of SPG common stock owned. The distribution is anticipated to occur on or about May 28, 2014. This filing primarily serves to formally announce these key dates and details related to the separation, which is a significant event for SPG shareholders as it will result in a new, independent entity.
Key Highlights
- 1Simon Property Group (SPG) announced the record date for its previously disclosed spinoff of Washington Prime Group (WPG).
- 2The record date for the WPG spinoff is set for 5 p.m. Eastern Time on May 16, 2014.
- 3SPG stockholders of record on May 16, 2014, will receive one common share of WPG for every two shares of SPG common stock held.
- 4The distribution of WPG common shares is expected to be completed on or about May 28, 2014.
- 5This filing is an amendment to a previous 8-K, furnishing a press release with further details on the distribution.
- 6The spinoff creates Washington Prime Group Inc. as a separate, publicly traded entity.
Frequently Asked Questions
This 8-K filing amends a previous report to announce specific dates and details regarding the previously announced spinoff of Simon Property Group's subsidiary, Washington Prime Group Inc. (WPG). It formally sets the record date for the distribution of WPG shares to SPG stockholders.
As an SPG shareholder of record on May 16, 2014, you will receive one share of Washington Prime Group (WPG) common stock for every two shares of SPG common stock you own. This means you will hold shares in both SPG and the newly independent WPG after the distribution, which is expected around May 28, 2014.
The distribution of Washington Prime Group (WPG) common shares to eligible SPG stockholders is expected to occur on or about May 28, 2014. This is following the record date of May 16, 2014.
While this specific 8-K filing does not detail the assets of Washington Prime Group, it is generally understood that the spinoff is intended to separate certain properties from Simon Property Group into a distinct entity. Investors should refer to WPG's own filings and prospectuses for detailed information on its asset portfolio.