Payroll processor Automatic Data Processing Inc said its board had approved a tax-free spinoff of its dealer services business into an independent publicly traded company. ADP expects to receive at least $700 million from the spinoff, which is expected to be completed in the early part of the fourth quarter of this year, the company said in a statement.
Automatic Data Processing, Inc. (ADP) is a provider of business outsourcing solutions. Shares of ADP remained unchanged at $75.88. In the past year, the shares have traded as low as $63.98 and as high as $83.82. On average, 1937520 shares of ADP exchange hands on a given day and today's volume is recorded at 147905.
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