CBS Outdoor Announces IPO Price; Trading Expected To Begin Tomorrow

The outdoor advertising unit of CBS Corp said today that its initial public offering of 20 million shares will be priced at $28 per. With about 17% of the outstanding shares being offered, that values the company at about $3.36 billion. Trading in CBS Outdoor Americas Inc is expected tomorrow on the NYSE under the symbol “CBSO”, with the $560 million IPO ending on or about April 2. CBS Corp plans to divest its remaining shares through a tax-free split-off later this year and eventually convert the unit into a real estate investment trust.

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