Transaction details
Through this transaction, CAT shareholders are expected to receive a pro rata distribution of shares of UIC stock, which is intended, subject to confirmation by CAT's legal and tax advisers, to be tax free for both CAT and its shareholders with respect to Canadian income tax purposes. The exact number of shares to be distributed to CAT shareholders of record will be determined prior to closing, along with the specific transaction structure. Current plans aim for a 1:1 share distribution, whereby each CAT shareholder will receive one new UIC share for each CAT share owned on the record date, which is expected to be announced in the coming weeks, with the completed transaction anticipated to occur by the end of the third quarter, or early in the fourth quarter.