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What is the spin-off?

April 26, 2017Spin-Off

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What is the spin-off?

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The spin-off is the overall transaction of separating Virtus Investment Partners, Inc. (NASDAQ: VRTS) from The Phoenix Companies, Inc. (NYSE: PNX). On December 12, 2008, the board of directors of The Phoenix Companies, Inc. (“Phoenix” or “PNX”) voted to spin-off Virtus as an independent company. The spin-off was accomplished through a series of transactions which resulted in a pro rata distribution of Virtus (“VRTS”) common stock by Phoenix on December 31, 2008 (the “distribution”) to holders of Phoenix common stock on the record date for the distribution, which was 5:00 p.m., New York City time on December 22, 2008.