2006-04
28 23:18:44Sprint Nextel plans to complete Embarq spinoff May 17
SAN FRANCISCO (AFX) -- Sprint Nextel Corp. [s:] said late Friday it plans to complete the spinoff of its local communications business, Embarq Corp., on May 17. Sprint Nextel said it will distribute to its stockholders all the shares of Embarq common stock through a stock dividend on May 17. The stock dividend will equal one share of Embarq common stock for every 20 shares of Sprint Nextel common stock. The record date for the distribution will be May 8. Following the distribution, Reston, Va.-based Sprint Nextel said it will not own any shares of Embarq, which is expected to be listed on the New York Stock Exchange under the ticker symbol 'EQ.' For more information and to contact AFX: www.afxnews.com and www.afxpress.com