- IDT (NYSE:IDT) has successfully wrapped its spin-off of Rafael Holdings (RFL) via common stock distribution to IDT shareholders.
- IDT shareholders received one share of Rafael stock for each two shares of IDT they held. Fractional shares will receive cash.
- Rafael's class B stock starts regular-way trading today on NYSE. IDT shares are 13.2% lower.
- The move "significantly enhances our ability to invest in our real estate portfolio, realize the potential of our pharmaceutical investments and seek out additional growth opportunities," says Rafael Chairman/CEO Howard Jonas.
- And it leaves IDT more focused on communications and payment services: "We will be maximizing the long-term cash flows from our international long-distance wholesale and retail businesses while investing in a portfolio of exciting, technology-driven growth opportunities," says CEO Shmuel Jonas.
- Now read: Technology - Top Gainers / Losers as of 2.55 pm (3/26/18)
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