CARMEL, Ind. - ALLETE Inc. says it will complete the spinoff of ADESA Inc. by distributing its remaining shares of the automotive remarketing company to its shareholders on Sept. 20.
ALLETE shareholders of record as of Sept. 13 will get one share of ADESA common stock for each share of ALLETE common stock they own.
The stock price at ADESA's initial public offering on June 16 was $24. Its shares traded at $16.81 late last week.