IDT Corp (IDT) Announces Dividend, Spin-Off and Exchange Offer

After the close Friday, IDT Corporation (NYSE: IDT) announced a number of measures to increase shareholder value. The Board authorized an initial cash dividend of $0.22 per share to be paid on or about November 23rd to shareholders of record at the close of business on November 15th. The Board intends to pay future quarterly dividends based on operating performance and available resources. The Board also approved the launch of an offer to exchange one share of Class B Common Stock (NYSE: IDT) for each share of Common Stock (IDT.C) outstanding. Following the completion of the exchange offer, the Common Stock may be delisted from the NYSE. Howard Jonas, who controls approximately 76% of the combined voting power of IDT’s outstanding capital stock, will adjust his holdings of IDT Class A Common Stock and Common Stock so as not to increase his combined voting power as a result of the exchange offer. In addition, the Board has directed management to pursue a spin-off of its Genie Energy division.... Read more

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