As part of the transaction, the one-for-five reverse stock split approved for Arbitron by stockholders on October 5, 2000 has been implemented. This decreases the number of Arbitron Inc. common shares by a factor of five. The net effect of the reverse spin-off and reverse stock split is that a stockholder of record holding 100 shares of Ceridian common stock prior to the transaction will now hold 20 shares of Arbitron common stock and 100 shares of Ceridian common stock.
This announcement marks the beginning of an exciting new chapter for both Ceridian Corporation and Arbitron, said Ronald L. Turner, chairman, president and chief executive officer of Ceridian. We are confident that the separation of these two companies will allow both businesses to focus more clearly on their core markets, creating more value for shareholders.
We are excited and confident in our future as an independent company, said Stephen B. Morris, chief executive officer and president of Arbitron Inc. Arbitron is ready to unlock the possibilities inherent in the rapid growth and change taking place in the media industry we serve. As an independent company we now have a greater ability to pursue the strategies that will make us a global leader in media information.
