NEW YORK (TheStreet) -- CBS Outdoor Americas Inc. (CBSO) is up 6.32% to $29.77 after pricing 20 million shares of common stock to the public at $28.00 per share. The company is the outdoor advertising subsidiary of CBS Corp. (CBS - Get Report).
CBS Outdoor granted underwriters a 30-day option to purchase an additional three million shares at the IPO offering price with less underwriting discounts and commissions. At closing, CBS Corp. will own approximately 83% of CBS Outdoor.
CBS is planning to divest its shares through a tax free split off later this year. Once CBS is fully divested, CBS Outdoor will convert into a real estate investment trust.
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