WASHINGTON (dpa-AFX) - Computer Sciences Corp. (CSC) announced its Board has approved proceeding with the separation of its U.S. public sector business under a new name, CSRA Inc. CSRA is expected to complete its combination with SRA International on November 30, 2015. Shares of CSRA common stock will begin trading under the symbol, CSRA.
The Board of CSC also approved the declaration of a special cash distribution of $10.50 in the aggregate per CSC share. Of the $10.50 per share dividend, $2.25 will be paid by CSC and $8.25 will be paid by CSRA.
The separation will occur through a one-for-one pro rata distribution of all CSRA shares to CSC stockholders. CSC stockholders will receive one share of CSRA common stock for each share of CSC common stock held on November 18, 2015, the record date for the distribution.
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