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Arthur Andersen LLP was an American accounting firm based in Chicago that provided auditing, tax advising, consulting and other professional services to large corporations. By 2001, it had become one of the world's largest multinational corporations and was one of the "Big Five" accounting firms (along with Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers).
The reverse stock split became effective at 6:01 p.m., Eastern Time, on 10 December 2008, at which time every fifty shares of Common Stock that were issued and outstanding automatically combined into one issued and outstanding share of Common Stock.
Because PwC accounting partners owned 60% of PwC Consulting, an IPO or acquisition was seen as the only way to split the two firms without decimating the consulting arm's working capital. [ 25 ] PwC Consulting leadership continued to fluff financials by expanding across-the-board pay cuts, terminating its variable compensation program, and ...
In a reverse stock split, your current shares are exchanged for fewer shares. When the split occurs, the share price also changes automatically to reflect the exchange ratio. That is, regardless ...
Stock splits often result in a bump in the stock’s price, simply because more investors are interested in the stock at the new price than were interested at the old price.
In 2008, the commercial arm of Booz Allen split off to form Booz & Company. In 2013, Booz & Company was acquired by PwC and renamed as Strategy&. Since then, Booz Allen has re-entered commercial markets. In 2010, Booz Allen went public with an initial public offering of 14,000,000 shares at $17 per share.
A reverse stock split is the mirror image of a conventional stock split. This typically only happens during times of great financial stress for companies.
In 2008, it split from Booz Allen Hamilton as Booz & Company, and, in 2013, it was acquired by PwC, the largest consulting acquisition of the company's history. [2] The contract required PwC to drop the Booz name, and the unit became known as Strategy& in 2014. [3] At the time of acquisition, the company had more than 80 offices in 41 countries.