1/2/01 - St. Paul, Minn. — Deluxe Corporation (NYSE: DLX) announced today it has completed the separation of eFunds Corporation through the distribution of all of its 40,000,000 shares of eFunds Corporation (Nasdaq: EFDS) stock.
On November 30, 2000, Deluxe’s board of directors declared a distribution of eFunds common stock owned by Deluxe to all holders of Deluxe Corporation common stock as of 5:00 p.m., central standard time, on December 11, 2000 (the record date). The distribution was completed at the close of business on Friday, December 29, 2000. Deluxe shareholders were issued .5514 shares of eFunds Corporation common stock for each share of Deluxe common stock held. Cash will be issued in lieu of fractional shares. As a result of this distribution, eFunds Corporation is now a completely independent company.
"This is truly a great day for both Deluxe and eFunds," said J.A. Blanchard, III, former chairman and CEO of Deluxe, and now the chairman and CEO of eFunds. "The separation will allow both companies the opportunity to maximize their shareholder value."
Lawrence J. Mosner, the new chairman and CEO of Deluxe echoed that sentiment. "The spin-off of eFunds is in keeping with Deluxe’s stated intent to enhance value to our shareholders. Many people have put in a lot of work to make this happen, bringing us to a point where we can fully unleash the power of each individual company," Mosner said.
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