Why CBS Outdoor Americas (CBSO) Stock Is Up Today

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).

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.

Must Read:
Warren Buffett's 10 Favorite Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

CBSO Chart CBSO data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Stocks Trade Lower as Optimism Wanes Over China Trade Talks

Stocks Trade Lower as Optimism Wanes Over China Trade Talks

Comcast Considering All-Cash Bid for Fox as Disney Battle Heads to the Wire

Comcast Considering All-Cash Bid for Fox as Disney Battle Heads to the Wire

Target's Stock Tanks After Q1 Earnings Miss and Slowing Sales

Target's Stock Tanks After Q1 Earnings Miss and Slowing Sales

Global Rally Stalls as Trump Doubts North Korea Summit, Questions China Trade

Global Rally Stalls as Trump Doubts North Korea Summit, Questions China Trade

Trump, China Trade, Target and Las Vegas Casinos - 5 Things You Must Know

Trump, China Trade, Target and Las Vegas Casinos - 5 Things You Must Know