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consult with a tax advisor with respect to the tax consequences of the CDK Global spin-off.
ADP expects that CDK Global common stock will begin “when-issued” trading on September 22, 2014 in the public market on the NASDAQ under the symbol “CDKVV” and will continue through the distribution date. ADP also anticipates that “regular way” trading of CDK Global will commence on the first trading day following the distribution date, October 1, 2014, under the symbol “CDK”.
Beginning on September 22, 2014, and through the distribution date, it is expected that there will be two ways to trade ADP common stock - either with or without the right to receive shares of CDK Global common stock. Shareholders who sell their shares of ADP common stock in normal trading on the NASDAQ under the symbol “ADP” after the record date and on or prior to the distribution date will be selling their right to receive shares of CDK Global in connection with the distribution. It is anticipated that shares of ADP common stock will also trade without the right to receive the CDK Global distribution during that period under the symbol “ADPVV”. Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling ADP common stock on or before the distribution date.