MDU Resources completes spinoff of Everus Construction Group

MDU Resources (MDU) completed the spinoff of its construction services subsidiary, Everus Construction Group (ECG). As a result of the spin-off, Everus is now an independent public company. The separation was achieved through a pro rata distribution of all outstanding shares of Everus common stock to MDU Resources stockholders. On October 31, MDU Resources stockholders received one share of Everus common stock for every four shares of MDU Resources common stock held as of the close of business on October 21. Fractional shares of Everus common stock were not distributed; instead, they were aggregated and sold on the open market, with the net proceeds distributed as cash payments to stockholders who would have otherwise received fractional shares. Everus common stock will begin “regular way” trading today on the NYSE under the ticker symbol “ECG.” MDU Resources will continue to trade on the NYSE under the ticker symbol “MDU.”