ADESA Announces Spin-Off Date from ALLETE
ADESA, Inc.’s majority stockholder, ALLETE, Inc., has established the record and distribution dates for the stock dividend of all ADESA shares currently owned by ALLETE.
On September 20, ALLETE plans to distribute all ADESA shares that it owns to its shareholders of record as of September 13, 2004. ADESA and ALLETE anticipate that one share of ADESA common stock will be distributed for each share of ALLETE common stock outstanding. The distribution is structured to qualify as a tax-free stock dividend to ALLETE shareholders and will be done in book-entry form. Given the nature of the transaction, any holder of ALLETE common stock who sells shares on or before September 20 will also be selling their entitlement to receive shares of ADESA common stock in the spin-off.
David Gartzke, chairman of both ALLETE and ADESA, will continue as ADESA's chairman, CEO and president. He will resign as chairman of ALLETE upon the distribution.
ADESA has 53 used-vehicle auctions, 28 Impact salvage auctions, and 81 AFC loan production offices across North America.