Computer Sciences Spins Off
01 December 2015 - 2:20AM
Dow Jones News
Computer Sciences Corp. begins trading as two separate companies
Monday after the spinoff of its public-sector company as CSRA
Inc.
Computer Sciences said in May that it would separate its
faster-growing government business from its commercial operations.
The company had been under pressure from activist investor Jana
Partners LLC, which had talked to CSC about strategic
alternatives.
CSRA, which will trade under ticker symbol "CSRA," is a product
of the spinoff of CSC's government-related business and the
acquisition of SRA International Inc. CSRA was added to the S&P
500 after the close of trading on Nov. 27, replacing Computer
Sciences, which trades under "CSC." Following the spinoff, Computer
Sciences will replace Apollo Education Group Inc. in the S&P
MidCap 400.
Jana has recently decreased its holding in Computer Sciences
holdings to 5.7 million shares, or 4.1%, by selling 1.6 million of
its shares between Oct. 13 and Nov. 20, citing "regular portfolio
management activities" and saying it remains "highly supportive of
the recent steps" taken by the board of directors and management,
including the decision to split into two businesses.
Write to Anne Steele at Anne.Steele@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 30, 2015 10:05 ET (15:05 GMT)
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