Henry Schein closes spinout of Covetrus animal health biz
Henry Schein (NSDQ:HSIC) said today it is on track to complete the spinout of its animal health business, Covetrus, which is slated to close today with shares in the company beginning trading tomorrow on the Nasdaq Global Select Market. The Melville, N.Y.-based company said that its common stock won approval for listing on the Nasdaq Global Select Markets and began trading on a “when-issued” basis under the symbol “CVETV” on Monday. The shares are slated to begin trading tomorrow under the symbol “CVET”, according to a press release. The newly spun-out company’s merger with Vets First Choice is also expected to close today, the company said in a press release. Each prior shareholder in Henry Schein will receive a 0.4 share dividend of Covetrus stock for each Henry Schein share held as of January 17. Shares in Henry Schein fell 1.3% today, closing at $79.69. The deal was delayed in mid-January, with the slated distribution date moved from February 4 to February 7. Earlier in January, Henry Schein set an initial timetable for the spinout of its animal health business in a merger with Vets First Choice, branding the soon-to-be-public company as Covetrus. The spin-out was first announced last April.