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SPINOFF: Marshall & Ilsley Corporation [MI] and Metavante Technologies, Inc. [MV]
Issue:
On 11/1/2007 Marshall & Ilsley Corporation [MI] distributed 0.333333 shares of Metavante Technologies, Inc. [MV] for each share of MI owned in a regular spinoff.
Cause:
This is a normal spinoff, with an additional twist that the MI shares have been reduced to an even multiple of 3.
Resolution:
Divide the number of MI shares held before this transaction by 3. If the number is evenly divided by 3, you can ignore the rest of this paragraph, and proceed to the next paragraph. If you have a remainder of 1 or 2, you will have to sell that 1 or 2 shares. You should have received $42.70 per share for the one(s) sold. Enter the sale of the 1 or 2 shares as of 11/1/07.
Enter the spinoff transaction in accordance with the instructions at
http://www.iclub.com/support/kb/default.asp?page=normal_spinoff.
Here's the information you need for the spinoff:
1. Spinoff date - 11/2/2007
2. Parent company - Marshall & Ilsley Corporation [MI]
3. Remaining basis percentage of Parent Company, [MI] - 79.48.
4. Number of shares held in parent company - provided by software.
5. There is one daughter company - Metavante Technologies, Inc. [MV]
6. Number of shares of MV received - This will be the number of shares owned in MI multiplied by 0.333333 (make sure to include fractional shares).
7. Price per share of daughter company - $25.10.
8. Cash received in lieu of fractional shares - there shouldn't be any, since the MI shares should be divisible by 3.
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