KAR Auction Services Inc. (NYSE: KAR) announced today that its board of directors formally approved the separation of its salvage auction business from KAR through a distribution of all of the outstanding shares of common stock of its wholly-owned subsidiary, IAA Spinco Inc. that will be renamed IAA, Inc., to KAR stockholders on a pro rata basis. In connection with the approval, the Board has set the distribution ratio, record date and distribution date for the spin-off. As a result, the following will occur:
The distribution is expected to be made at 12:01 a.m. Eastern Daylight Time (“EDT”) on June
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