FTD parent rolling in dot-com spinoff
IOS Brands, the parent company of flower delivery service FTD, plans to bring its dot-com spinoff back in-house. Under the merger plan, FTD.com shareholders will receive 0.26 shares of IOS stock for each share of FTD.com's Class A common stock. After the merger, IOS plans to pay a dividend to former FTD.com Class A shareholders so that they will own the same number of shares in IOS that they previously owned in FTD.com. After the merger, which still has to be approved by FTD.com shareholders, IOS plans to change its name to FTD and to have its shares traded on the Nasdaq under the ticker symbol "FTDI." FTD.com's Class A shareholders own about 17 percent of the company's total shares. Under the merger agreement, they will own about 13 percent of FTD shares. FTD.com went public in September 1999. Unlike many other dot-coms, the company has been consistently profitable.
After the merger, which still has to be approved by FTD.com shareholders, IOS plans to change its name to FTD and to have its shares traded on the Nasdaq under the ticker symbol "FTDI." FTD.com's Class A shareholders own about 17 percent of the company's total shares. Under the merger agreement, they will own about 13 percent of FTD shares. FTD.com went public in September 1999. Unlike many other dot-coms, the company has been consistently profitable.