Vector Group Announces Completion of Douglas Elliman Spin-off
30 Dezember 2021 - 2:05PM
Business Wire
Vector Group will Continue to Trade on the NYSE
under the Symbol “VGR”
Vector Group Ltd. (NYSE: VGR) (“Vector Group”) has completed the
spin-off of Douglas Elliman Inc. (“Douglas Elliman”) into a
standalone, publicly traded company. Douglas Elliman’s common stock
will begin “regular way” trading on the New York Stock Exchange
(“NYSE”) on December 30, 2021 under the symbol “DOUG” and Vector
Group will continue to trade on the NYSE under the symbol
“VGR”.
Vector Group will continue to operate its tobacco business,
which includes the manufacturing and sale of cigarettes in the U.S.
through its subsidiaries Liggett Group LLC and Vector Tobacco Inc.,
and will continue to own interests in numerous properties and real
estate projects across the U.S. through New Valley LLC.
“Vector Group is well positioned to continue driving revenue
growth and margin improvement by strengthening our tobacco brand
portfolio and continuing to improve operating efficiency,” said
Howard M. Lorber, Chairman and Chief Executive Officer of Vector
Group. “This spin-off enables Vector Group to continue capitalizing
on the attractive value proposition in the deep discount segment of
the tobacco market and enhances our strategic flexibility as a
standalone company.”
At 11:59 p.m. ET on December 29, 2021, Vector Group distributed
all of the outstanding shares of Douglas Elliman common stock to
Vector Group’s common stockholders. Each Vector Group common
stockholder (including Vector Group common stock underlying
outstanding Vector Group stock option awards and restricted stock
awards) received one share of Douglas Elliman common stock for
every two shares of Vector Group common stock held as of the close
of business on December 20, 2021, the record date.
The receipt of Douglas Elliman common stock in the distribution
is tax-free to Vector Group stockholders for United States federal
income tax purposes (other than Vector Group common stock
underlying outstanding Vector Group stock option awards and
restricted stock awards). Vector Group encourages stockholders to
consult with their tax advisors with respect to United States
federal, state, local and foreign tax consequences of the
spin-off.
Jefferies LLC served as financial advisor to Vector Group and
Sullivan & Cromwell LLP served as legal counsel to Vector Group
and Douglas Elliman.
About Vector Group Ltd.
Vector Group is a holding company for Liggett Group LLC, Vector
Tobacco Inc. and New Valley LLC. Additional information concerning
Vector Group is available on its website,
www.VectorGroupLtd.com.
Investors and others should note that we may post information
about Vector Group or its subsidiaries on our website at
www.VectorGroupLtd.com and/or at the websites of those subsidiaries
or, if applicable, on their accounts on Facebook, Instagram,
LinkedIn, TikTok, Twitter, YouTube or other social media platforms.
It is possible that the postings or releases could include
information deemed to be material information. Therefore, we
encourage investors, the media and others interested in Vector
Group to review the information we post on our website at
www.VectorGroupLtd.com, on the websites of our subsidiaries and on
their social media accounts.
Special Note on Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the federal securities laws. Forward-looking
statements include information relating to our intent, belief or
current expectations, primarily with respect to, but not limited
to, economic outlook, capital expenditures, cost reduction, cash
flows, operating performance, growth expectations, competition,
legislation and regulations, litigation, and related industry
developments (including trends affecting our business, financial
condition and results of operations).
Forward-looking statements can be identified by words or phrases
such as “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may be,” “objective,” “opportunistically,”
“plan,” “potential,” “predict,” “project,” “prospects,” “seek,” and
“will be” and similar words or phrases or their negatives.
Forward-looking statements involve important risks and
uncertainties that could cause our actual results, performance or
achievements to differ materially from our anticipated results,
performance or achievements expressed or implied by the
forward-looking statements. Actual results could differ materially
for a variety of reasons. In particular, the extent, duration and
severity of the spread of the COVID-19 pandemic and economic
consequences stemming from the COVID-19 crisis (including a
potential significant economic contraction) as well as related
risks and the impact of any of the foregoing on our business,
results of operations and liquidity could affect our future results
and cause actual results to differ materially from those expressed
in forward-looking statements. Further information on the risks and
uncertainties to the business of Vector Group include the risk
factors described in the filings of Vector Group with the SEC.
The forward-looking statements speak only as of the date they
are made, and we disclaim any obligation to update or revise the
forward-looking statements contained herein, except as otherwise
required by applicable federal securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20211229005446/en/
Emily Claffey / Benjamin Spicehandler / Columbia Clancy Sard
Verbinnen & Co 212-687-8080
Eve Young Sard Verbinnen & Co - Europe +44 (0)20 3178
8914
For financial inquiries:
J. Bryant Kirkland III, Vector Group Ltd. 305-579-8000
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