Prospect Group Plans to Distribute Holdings
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NEW YORK — Prospect Group Inc. said it plans to spin off to its shareholders holdings in two of its affiliated companies, Illinois Central Corp. and Sylvan Foods Inc.
After the Illinois Central distribution, Prospect will retain about half its current stake in the railroad company.
Prospect will set a date later for spinning off its entire common stock holding in Sylvan Foods, probably in late March or early April.
Prospect, which also has interests in insurance and specialty consumer products, said it will retain voting control of Illinois Central and Sylvan through its preferred stock in the two firms.
Illinois Central, which was acquired last March by Prospect in a tender offer, is headquartered in Chicago. For the quarter ended Sept. 30, the company reported net income of $25.5 million on revenue of $125.8 million.
Sylvan Foods, based in Worthington, Pa., reported earnings of $2.3 million on revenue of $18.7 million for the quarter ended Sept. 30.
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