BGC Partners' (NASDAQ:BGCP) board approves distributing all of its shares in Newmark Group (NASDAQ:NMRK) to stockholders of BGC.
The distribution will take place through a special pro rata stock dividend.
Stockholders of BGCP class A common stock well get about 0.4613 of a share of Newmark class A common stock per share of BGC Partners class A common stock held as of record date.
Spinoff to be effective as of 12:01AM ET on Nov. 30, 2018 to BGC Partners stockholders of record at close of business on Nov. 23, 2018.
