Rochester, NY -- (SBWIRE) -- 12/11/2013 -- Northstar Realty Finance Corp. (NYSE:NRF), kicked Wednesday morning off with a bang leading all NYSE companies in market activity.
NRF released news after hours Tuesday, announcing that its Board of Directors unanimously approved a plan to spin-off its asset management business into a separate publicly traded company in the form of a tax-free distribution. The distribution is expected to be completed in the second quarter of 2014 and will be comprised of common stock in NorthStar Asset Management Corp., a newly formed company expected to be listed on the New York Stock Exchange.
This led to a large gap up on NRF Wednesday morning, and as a result the stock is extremely active.
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