Xerox Expects To Complete Separation On Dec. 31, 2016 - Quick Facts

(RTTNews) - Xerox (XRX) announced its board has approved the terms of the company's separation into two independent, publicly traded companies and declared a pro rata dividend of the outstanding shares of Conduent common stock. On the distribution date of Dec. 31, 2016, Xerox shareholders will receive one share of Conduent common stock for every five shares of Xerox common stock they hold as of the close of business on Dec. 15, 2016, the record date for the distribution.

Beginning on or about Dec.13, 2016 and continuing until the distribution date, it is expected that Conduent common stock will trade on a "when issued" basis on the NYSE under the ticker symbol, CNDT WI. On Jan. 3, 2017, when-issued trading of Conduent common stock will end and Conduent common stock will begin trading regular way on the NYSE under the ticker symbol, CNDT. Xerox will continue to trade on the NYSE under the ticker symbol, XRX.

Beginning on or about Dec. 13, 2016 and continuing up to the distribution date, it is expected that there will be two markets in Xerox common stock. Xerox shares that trade in the "regular-way" market under the symbol, XRX, will trade with an entitlement to shares of Conduent common stock to be distributed pursuant to the distribution. Xerox shares that trade in the "ex-distribution" market under the symbol "XRX WI" will trade without an entitlement to shares of Conduent common stock.