J2 Global, Inc. [NASDAQ: JCOM] has confirmed the spin-off as the Board of Directors has provided authorization. The spin-off resulted in the two publicly traded companies. After the spin-off, J2 Global, Inc., will be separated into Ziff Davis, Inc. and Consensus Cloud Solutions, Inc. This spin-off will be in the best interest of the shareholders of the two publicly traded firms.
The J2 Global Board of Directors announced a special dividend distribution of one share of Consensus common stock for every three shares of J2 Global common stock outstanding as of the close of business on October 1, 202. October 1, 2021, will be the record date for the distribution. As part of the spin-off, J2 Global decides to introduce a tender offer to buy a portion of its outstanding 4.625% senior notes due 2030 at a tender price no greater than 108.00%, with a maximum aggregate buying price of $330 million.
The spin-off will take place through a pro-rata distribution to J2 Global stockholders of 80.1% of the outstanding shares of Consensus. The distribution is likely to happen on October 7, 2021. As part of the spin-off, J2 Global will change its name to Ziff Davis, Inc. Therefore, the spin-off will offer J2 Global stockholders with ownership interests in both Ziff Davis, Inc. and Consensus Cloud Solutions, Inc.
About Ziff Davis
After the spin-off, J2 Global will change its name to Ziff Davis will continue to establish its portfolio of digital media and internet brands. It will maintain its leadership positions in high-value verticals, including cybersecurity, shopping, entertainment, health, and technology. Furthermore, Ziff Davis offers reliable content and tools. It has a market-leading programmatic acquisition system. Moreover, it has a proven record of growth.
Consensus will continue to be a leading supplier of safe data delivery for enterprise and healthcare interoperability for the healthcare sector and other highly regulated sectors. Moreover, it also works as a leading supplier of cloud fax solutions for SoHo (Single Office Home Office).