OGDEN SPLITS ITS BUSINESS DIVISION INTO TWO PUBLIC COMPANIES
Ogden Corp. "intends to break its three business lines
into two publicly traded companies in an effort to prop up
its lagging share price," according to Allanna Sullivan of
the WALL STREET JOURNAL. The company "said it will put its
entertainment and aviation businesses into one company and
its energy operations into another company in a deal that
Ogden executives hope will be done on a tax-free basis."
Ogden will first sell "as much" as 20% of the "newly created
entertainment and aviation company" in an IPO this fall and
then "spin off the remainder to shareholders by year end."
Ogden Chair R. Richard Ablon will run the entertainment and
aviation division (WALL STREET JOURNAL, 3/12).