LinkedIn to Be Removed from NYSE on December 19 Following Microsoft Acquisition (LNKD, MSFT)
LinkedIn's leadership transitions into new roles within Microsoft after the landmark acquisition.
After Microsoft Corporation (MSFT) finalized its $26.2 billion acquisition of LinkedIn Corporation (LNKD) six months ago, the standalone identity of LinkedIn is coming to an end along with its ticker symbol LNKD.
According to a regulatory announcement on Thursday, the New York Stock Exchange (NYSE) has informed the Securities and Exchange Commission (SEC) of its plan to delist LinkedIn shares on December 19. This action will remove all Class A common stock of LinkedIn from trading and registration on the NYSE. (Also see: Microsoft and LinkedIn Deal Approved by EU Authorities.)
The filing detailed, "The merger between LinkedIn Corporation and a wholly owned direct subsidiary of Microsoft Corporation became effective on December 8, 2016. Each Class A common share was converted into $196.00 in cash, excluding interest and subject to applicable withholding taxes." Furthermore, "Due to these conditions, trading of this security was suspended on December 8," the document noted.
On the day of the merger's completion, Microsoft CEO Satya Nadella expressed enthusiasm in a blog post, saying this milestone has been anticipated since June. "This marks the conclusion of Microsoft's agreement to acquire LinkedIn and the start of uniting the world’s premier professional cloud platform with the leading professional network globally." (Also refer to: Has LinkedIn Been a Long-Term Microsoft Objective?)
Seen as LinkedIn's acknowledgment that it has reached its growth limits independently, the baton now passes to Microsoft to drive future progress. LinkedIn shares traded for the last time on Wednesday, closing at $195.96. The stock, which was near $260 a year ago and $131 before Microsoft's bid, ended 2016 down 12.94%, while the S&P 500 (SPX) index gained 9.90% year-to-date.
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