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Discover Spinoff Gets Go Ahead

The Morgan Stanley board of directors has approved plans to spin off the Discover Credit Card brand into a separate publicly-traded company. The spinoff will be effective June 30.

Morgan Stanley will distribute one share of Discover common stock for every two shares of Morgan Stanley common stock outstanding on the record date. Stockholders will receive cash in lieu of fractional shares for amounts less than one full Discover share. The transaction will be a tax-free exchange.

Discover shares will trade on the New York Stock Exchange, beginning July 1.

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