MDU Resources Group (MDU) said early Friday it has completed the successful spinoff of its former Everus Construction Group (ECG) subsidiary into an independent public company.
Under terms of the tax-free transaction, MDU Resources stockholders received one Everus common share for every four MDU Resources shares they held at the close of business on Oct. 21.
Fractional shares were aggregated and sold on the open market, with the cash net proceeds distributed to investors, the company said.
Everus shares begin trading on the New York Stock Exchange Friday, under the ticker symbol "ECG."
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