how many shares of wabtec will ge shareholders get

Visit your online account and change your investment elections in the appropriate plan section. That's your selling price. 30 Isabella Street Confirm that Broadridge is the transfer agent - our namewill usually appear on your account statement. If you continue to use this site we will assume that you are happy with it. I have read everything here and see that $73.96 per share is used to record the buying of the Wabtec shares and that is the closing price on Feb 26, 2019. Learn how were delivering on our priorities. It is suggested that the shipment be insured for 2% of the current value of the shares. Box 1342 Brentwood, NY 11717 Phone:1-877-830-4936 Fax:215-553-5402 shareholder@broadridge.com. The transaction is expected to be tax free to the companies' respective shareholders. WILMERDING, PA, (Feb. 25, 2019) Wabtec Corporation (NYSE: WAB) announced today it has completed its merger with GE Transportation, a former business unit of GE (NYSE: GE). . Sell the fractional share by the per share selling price determined by Step 5. Overview of General Electric Capital Corporation merger with and into GE. The Company is committed to maintaining a strong investment grade credit rating profile and will use its strong cash flow to prioritize debt reduction. There are many options when it comes to securities brokers, so make sure you are choosing one that will best suit your needs. If you do not have this information, you should call our Lost Securities Department at the 800 number on this site. CONFERENCE CALL INFORMATION Any idea how much and when it will show up? Access important shareholder information. At Wabtec, we help our customers overcome their toughest challenges by delivering rail and industrial solutions that improve safety, efficiency and productivity. With best-in-class manufacturing facilities, unmatched digital expertise, always-on global services delivery, and unrivaled product breadth and performance, Wabtec is the rail industrys one-stop shop. Morgan Stanley & Co. LLC and Dyal Co. LLC are acting as financial advisors, and Davis Polk & Wardwell LLP as legal advisors, to GE in the transaction. Note that all shares held in a plan will be in DRS (book-entry) form. Wabtec is currently in the S&P Midcap 400 index, but its current pre-merger market cap is already above many S&P 500 constituents. As a result of an internal reorganization undertaken by General Electric Company, interest payments made after November 25, 2018 will be treated as U.S.-source interest for U.S. federal income tax purposes. Must they be reminded that we are retirees of a manufacturing company so most of us do not have the computer skills to educate ourselves further on this matter via the internet. Box 64854 All statements, other than historical facts, including statements regarding the expected benefits of the transaction, including future financial and operating results, the tax consequences of the transaction, and the combined companys plans, objectives, expectations and intentions; legal, economic and regulatory conditions; and any assumptions underlying any of the foregoing, are forward-looking statements. Securities and Exchange Commission (SEC) regulations define the financial institutions that are eligible to provide such signature guarantees, e.g., commercial banks, brokers, credit unions, savings and loan institution. Information regarding the directors and executive officers of GE is contained in GEs proxy statement for its 2018 annual meeting of stockholders, filed with the SEC on March 23, 2018, its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 23, 2018, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, which was filed with the SEC on May 1, 2018 and certain of its Current Reports filed on Form 8-K. Information regarding the directors and executive officers of Wabtec is contained in Wabtecs proxy statement for its 2018 annual meeting of stockholders, filed with the SEC on April 5, 2018, its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 26, 2018, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 which was filed with the SEC on May 4, 2018 and certain of its Current Reports filed on Form 8-K. 30 Isabella Street Pittsburgh, PA 15212 - USA Phone: 412-825-1000 Fax: 412-825-1019. Due to low participation, GE ended the Stock Redemption program on November 10, 2016 for GE Stock Direct Investors. Caution Concerning Forward-Looking Statements 2023 Broadridge Financial Solutions, Inc. As you can see below, existing shareholders will be rewarded with stock, as well as future cash flow and dividends from the new Wabtec. GE's dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. 773.297.0482, Rich Stimel, Wabtecrstimel [at] wabtec [dot] com I am totally confused. Both businesses are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. Capitalize on digital/electronic technologies to develop autonomous capabilities:Bringing together GE Transportations digital solutions with Wabtecs electronic systems is expected to drive the advancement and implementation of technology solutions to improve safety, efficiency and productivity for the transportation industry. Access GEs recent and historic Annual Reports and accompanying materials. Wabtec manufactures products for locomotives, freight cars and passenger transit vehicles, and builds new locomotives up to 6,000 horsepower (4 MW). Note that sales are subject to a fee of $10 per transaction plus $0.15 per share sold. Over the last decade, GE Transportation has transformed more than 2,000 locomotives for close to 40 customers around the world, and the company has strong orders for modernization from railroad operators like Norfolk Southern and Canadian Pacific. Disclosure: Author holds no position in any stock mentioned. I wrote to GE investor relations and received the below response, hope this is helpful, 'The inclusion of the per share dividend amount in income, which is Our energy expertise spans from renewable wind energy to emission-reducing natural gas, as well as physical and digital solutions to modernize the grid connecting it all. Furthermore, the deal structure should accrue a net tax benefit of $1.1 billion to Wabtec. The company unveiled the Tier 4 locomotive a few years ago. Cost basis and return based on previous market day close. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words may, will, should, potential, intend, expect, endeavor, seek, anticipate, estimate, overestimate, underestimate, believe, could, project, predict, continue, target or other similar words or expressions. If you keep your stock with your broker in a broker account, you are a "street name" holder and are not directly registered on the company's records as maintained by the transfer agent. Wabtec Corporation. Notice to holders of General Electric Company Series D preferred stock. The 2019 EBITDA multiple range including synergies and tax benefits is approximately 9x, and the 2019 EBITDA multiple range excluding synergies and tax benefits is approximately 11.75x. 30 Isabella Street In other words, in future years, earnings should rebound strongly -- and, all things being equal, the EV/EBITDA multiple will decline. DRIP - You may elect to have your dividends reinvested in any of the following ways: Make the selection via your online account. Wabtec expects to benefit from the cyclical tailwinds the industry saw in 2018, including volume growth of 38 million carloads and intermodal units. I typically enter the cash-in-lieu transaction as a sell and consider the small capital gain as taxable. Upon the Merger, the obligations of GECC under its then outstanding debt obligations were assumed by GE (the "GE Debt Assumption"). It's one of the oldest and most widely used money market instruments in the U.S. and in markets around the world. Box 1342Brentwood, NY 11717. The 23 analysts offering price forecasts for Wabtec have a median target . Original Shares. Investors and security holders will be able to obtain free copies of these materials and other documents filed with the SEC by GE, Wabtec and/or SpinCo through the website maintained by the SEC at www.sec.gov. Has anyone found a cite for that? Split Adjustment 1. All Rights Reserved. Broadridge can support the sale of your shares if they are held in DRS (no certificates) as part of a Dividend Reinvest Plan (DRIP), Employee Stock Purchase Plan (ESPP) or Direct Stock Purchase Plan (DSPP). Generate growth opportunities through the extensive installed base and attractive global footprint: The combined company will be a leading global freight and transit rail provider with more than 23,000 locomotives in its global installed base and content on virtually all locomotives and freight cars in North America, creating significant opportunities for aftermarket parts and services in key regions around the world. In some cases additional documents will be required to complete the transfer. To exchange your physical GE share certificates for a statement of holdings in book-entry form, please contact GE's transfer agent, Equiniti Trust Company, to begin the process. Creating the energy technologies of the future and improving the power networks that we depend on today. Fax: 412-825-1019. Learn More. GE received approximately $2.9 billion in cash as well as shares of Wabtec common stock and Wabtec nonvoting convertible preferred stock that together represent an approximately 24.9 percent ownership interest in Wabtec. Please indicate if the registered stockholder is deceased so the appropriate documents may be forwarded to you. Combining GE Transportations constant monitoring of messages from 17,000 locomotives with monitoring of Wabtecs passenger and shunter locomotives can make for a smarter, more efficient and safer transportation system. If you have not established an online account, you may follow the online instructions or contact us via the 800 number on your account statement or this site. As a small GE stock owner (roughly 100 shares), I assume I will get cash in my brokerage account. Socials. GE Transportation has a backlog of roughly $18 billion, including approximately 1,800 new locomotives and roughly 1,000 locomotive modernized units. Accomplished leaders building GEs legacy. In completion of the sale of Shareowner Services on February 1, 2018, its business and operations, the transfer agent appointment has been transferred to Equiniti Trust Company (EQ). Thanks for the information. Wabtec and GE shareholders will have ownership in a combined company with significantly expanded margins, a highly attractive growth profile based on an improved business mix, expanded global reach, and faster innovation in key growth areas. In the transaction, GE received about $2.9 billion in cash as well as shares of Wabtec common stock and Wabtec non-voting convertible preferred stock that, together, represent an. How should shares for transfer be mailed to Broadridge? On July 12, 2017, Wells Fargo Bank N.A. As we previously reported, GE Transportation has a long history of innovation, stretching from the first electric locomotives to the first freight locomotive that meets the U.S. governments strictTier 4 emission standards. About Wabtec Corporation That's the number of WABTEC shares you received. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. When will I have to pay taxes on the stocks. GE shareholders will directly own approximately 24.3% of Wabtec on a fully diluted basis and GE will own common stock and non-voting convertible preferred stock which together represent approximately a 24.9 percent economic interest in Wabtec on a fully diluted basis, up from the 9.9 percent stake that GE would have owned under the originally . GE Aerospace is a world-leading provider of jet engines, components and systems for commercial and military aircraft with a global service network to support these offerings. Drive increased value for shareholders: With approximately $8 billion in combined revenues and a large global installed base, the combined company will have a leading position in key freight rail and transit geographies worldwide, and will be well-positioned to serve customers as industry demand continues to improve. Signature Guarantee Programs have been developed and eligible financial institutions which subscribe to such programs are issued "Medallion Guarantee Stamps". Please use another web browser to access this website. Wabtec is a leading supplier of critical components, locomotives, services, signaling and logistics systems and services to the global rail industry. Upon closing, Wabtec shareholders will own approximately 49.9%, and it is planned that GE shareholders will own approximately 40.2%, and GE will own 9.9% of the merged company on a fully diluted basis. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS. This transaction is good for GE shareholders, who gain equity in an organization at the forefront of rail innovation; for GE, as we work to reduce leverage and strengthen our balance sheet; and for Wabtec, which now has a stronger and more diversified business mix to serve its customers, said GE Chairman and CEO H. Lawrence Culp Jr. The GE and Wabtec teams worked hard to complete this deal, and I am excited by the opportunities ahead for Wabtec., Raymond T. Betler, Wabtecs president and CEO, said the deal was a once-in-a-lifetime opportunity to bring together nearly four centuries of collective experience to create a technologically advanced leader with a highly complementary set of capabilities to move and improve the world.. Tim WesleyTwesley [at] Wabtec [dot] comclass="spamspan" However, it will do little to appease dyed-in-the-wool bears worried about the sustainability of the company's dividend and restructuring prospects. However, GE is pre-funding its pension plan to the tune of $6 billion in 2018 by borrowing the same amount. Equiniti Trust Company Phone: 1-800-786-2543 (toll free) or 1-651-450-4064 Website: Shareowneronline.com Regular Mail Delivery: EQ Shareowner Services P.O. Following the transaction, Wabtec will have approximately $8 billion in revenues, a more diversified business mix, higher margins, and approximately 15 percent cash EPS accretion in year one. On August 5, 2014, GE completed the initial public offering (IPO) of its North American Retail Finance business, Synchrony Financial, as a first step in a planned, staged exit from that business. Commercializing GEs technology and IP to accelerate growth and achieve market differentiation. Wabtec and GE Transportation will host a conference call today at 8:30 am Eastern to discuss the transaction. Multiply your number of GE shares on 2/25/19 by 0.005371. GE pays a dividend of $0.32 per share. Along with its industry-leading portfolio of products and solutions for the rail and transit industries, Wabtec is a leader in mining, marine and industrial solutions. This communication contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction between GE and Wabtec. Wabtec and GE Transportation will be combined in a transaction in which GE will (i) sell a portion of the assets of GE Transportation to Wabtec; (ii) complete the spin-off or split-off of a portion of GE Transportation to GE shareholders; and (iii) immediately thereafter merge GE Transportation with a wholly owned subsidiary of Wabtec. Multiply the number of WABTEC shares received by $73.96. Should one of the parties die, ownership of the shares passes to the surviving tenant(s). $3.9 billion in revenue and $504 million in adjusted EBIT (approximately 13% margin). As of this writing, there have been no discussion of index changes related to this transaction. Will GE shareholders get shares of Wabtec? Upon completion of the merger, GE shareholders are expected to collectively own approximately 24.3% of the outstanding shares of Wabtec common stock, and current Wabtec shareholders are expected . We're focused on driving ongoing safety, innovation, efficiency, reliability, and productivity. Every state has this law, often referred to as Unclaimed Property. Historic cost basis in GE shares is unchanged and irrelevant to determining the $78.06, establishes the shareowners cost basis in Wabtec shares going forward. Access the latest press releases, media contacts, and press tools. So far I still have 18.395 shares in my Vanguard brokerage account. The signature(s) must be guaranteed by a financial institution participating in an officially recognized Medallion Signature Guarantee Program (see below). 773.297.0482, Wabtec Investor Contacts Visit the companys new website at: www.WabtecCorp.com. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) unexpected costs, charges or expenses resulting from the transaction; (2) uncertainty of the expected financial performance of the combined company following completion of the transaction; (3) failure to realize the anticipated benefits of the transaction, including as a result of integrating GE Transportation into Wabtec; (4) the ability of the combined company to implement its business strategy; (5) difficulties and delays in achieving revenue and cost synergies of the combined company; (6) inability to retain and hire key personnel; (7) the risk that shareholder litigation in connection with the transaction or other settlements or investigations may result in significant costs of defense, indemnification and liability; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions, including the impacts of tax and tariff programs, industry consolidation, and changes in the financial condition or operating strategies of our customers; (10) changes in the expected timing of projects; (11) a decrease in freight or passenger rail traffic; (12) an increase in manufacturing costs; (13) actions by third parties, including government agencies; and (14) other risk factors as detailed from time to time in Wabtecs reports filed with the SEC, including Wabtecs annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC. You should receive your 1099 by mid-February. GE announced today that it has completed the spinoff and merger of its Transportation business with Wabtec Corporation. The foregoing list of important factors is not exclusive. Wabtec Media Contact https://www.sec.gov/Archives/edgar/data/943452/000114036119001550/s002443x10_s4a.htm, https://www.quicken.com/support/how-do-i-record-corporate-spin-new-securities, https://www.sec.gov/Archives/edgar/data/40545/000119312518172907/d591170d8k.htm, https://globenewswire.com/news-release/2019/01/25/1705540/0/en/Wabtec-and-GE-Modify-Terms-of-Transaction-Expect-to-Close-By-End-of-February-2019.html, Div from GE @ $0.397239/GE share (0.005371 * 73.96), Buy (0.005371 * GE Share Quantity) shares of Wabtec for that whole dividend amount. GE also received approximately $2.9 billion in cash at closing. An analyst with a glass-half-full approach would see the deal as progress on GE's restructuring plans and note that the cash flow will give the company more leeway to restructure the power segment before a bounce-back in total FCF generation in 2019. The combination will bring together two global leaders in rail equipment, services and software, combining GE Transportation, a global digital industrial leader and supplier to the rail, mining, marine, stationary power and drilling industries, with Wabtecs broad range of freight, transit and electronics solutions. DSPP Some companies offer DSPPs, so please visit your online account to determine if a plan is available to you. So if you are a GE shareholder, you should have a keen interest in the rationale for the deal because you will be owning stock in Wabtec.`. The company merged with GE Transportation on February 25, 2019. You will find the information under the "Dividend Payment Options" section of the website. This fee structure was not changed as part of the switch to, Avoid Losing Your Shares to the State as Unclaimed Property. Once you notify us of your certificate loss, we will initiate the process for you and then ask that you finalize the paperwork and submit the appropriate payment for processing. According to the Association of American Railroads, automation will help improve network velocity and fluidity, potentially saving railroads billions of dollars annually. GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. Together with our customers, were proving that no one is ever limited to only affordable, reliable, or sustainable energy. Company mailings, including dividends, will reach you through your broker. In some cases additional documents will be required to complete the transfer. Investors are expected to benefit through ownership of a stronger, more diverse business better positioned to perform through the cycle, with expected annual double-digit EPS growth and total run-rate synergies of about $250 million estimated to be achieved by 2022. The deal to merge GE transportation withWestinghouse Air Brake Technologies(WAB -0.07%), or Wabtec, is somewhat complicated but, in general, can be seen as a near-term positive for shareholders. I still have not spoken to Schwab nor my Investment Advisor however I see that Schwab has changed the cost basis to $78.06 for buying Wabtec shares which is the Close on 2/25/19 (instead of the average of the high & Low for that day). Moreover, under the modified structure Wabtec will issue 3.3 million fewer shares than . The exchange ratio for the combined Spin-off/merger transaction is 0.005371, meaning participating GE shareholders will receive 0.005371 shares of Wabtec common stock for each outstanding share of GE common stock held. Thank you. Goldman, Sachs & Co., LLC and Jones Day are acting as financial advisors and legal counsel, respectively, to Wabtec in the transaction. Those shares were also convertible, meaning Buffett could choose to convert them to common shares. WILMERDING, Pa. and CHICAGO, May 21, 2018 Wabtec Corporation (NYSE: WAB) has entered into a definitive agreement to combine with GE Transportation, a unit of General Electric Company (NYSE: GE). At GE, we are committed to building a more diverse workforce and a more inclusive workplace. EQ Shareowner Services is GEs transfer agent and administers all matters related to stock that is directly registered with GE. As it stands, GE expects $6 billion to $7 billion in industrial FCF in 2018, which is intended to fund a $4.2 billion dividend payment. The combined company, which is expected to have revenues of more than $8 billion in 2019, has a compelling growth profile, especially as market conditions improve in the industries it serves. How can I obtain a copy of my 1099?You may download and print a copy of a Broadridge issued 1099 by accessing your online account at investor.broadridge.com. This enhanced capability is expected to drive significant productivity for customers by delivering improved cycle time, lower production costs and better asset performance. The strongest trend for WAB is in Quality, which has been heading up over the past 179 days. The strategic combination of complementary portfolios is expected to: Create a leading equipment, aftermarket services and digital solutions provider across the transportation sector: The company can accelerate lifecycle solutions for the transportation industry and unlock significant productivity for customers by improving interoperability, efficiency and competitiveness. GE owns common stock and non-voting convertible preferred stock, which together represent approximately a 24.9% economic interest in Wabtec on a fully diluted basis. I expect 25 shares of the Wabtec stock based on my shares of GE, but I dont know when I will get them and how will they come to me. GE has the right to increase the portion of the merged company owned by GE shareholders (subject to a corresponding reduction in GE's ownership). Since GE Transportation is only expected to start to rebound from a cyclical low in 2018, even the EV/EBITDA multiple for 2019 is still likely to reflect cyclicallylow earnings. Phone: 412-825-1000
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