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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 17, 1997
EQUIFAX INC.
(Exact name of registrant as specified in its charter)
GEORGIA 1-6605 58-0401110
(State or other juris- (Commission (I.R.S. Employer
diction of incorporation) File Number) Identification No.)
1600 PEACHTREE STREET, N.W.
ATLANTA, GEORGIA 30309
(Address of principal executive offices)
(404) 885-8000
(Registrant's telephone number, including area code)
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Item 5. Other Events
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Attached hereto as Exhibit 99 is a press release, dated July 17, 1997,
announcing Equifax Inc.'s plan to spin off its insurance-related
businesses, which is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf of the
undersigned hereunto duly authorized.
EQUIFAX INC.
(Registrant)
Date: July 18, 1997 By: /s/ D. W. McGlaughlin
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D. W. McGlaughlin
President and Chief
Executive Officer
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EXHIBIT INDEX
Index Number Description of Exhibit Page Number
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99 Press release, dated July 17, 1997 4
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EXHIBIT 99
[LETTERHEAD OF EQUIFAX APPEARS HERE]
NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACT: BARI LOVE DENNIS BOWMAN
Tausche Martin Lonsdorf, PR Equifax Public Affairs
for ChoicePoint (404) 885-8237 (o)
(404) 221-1188, ext. 3149 (770) 509-7839 (h)
[email protected] [email protected]
EQUIFAX TO SPIN OFF
CHOICEPOINT ON AUGUST 7
ATLANTA, JULY 17, 1997 -- Equifax today announced it would complete the
planned spinoff of its Insurance Services Group on August 7, 1997, establishing
an independent company named ChoicePoint while positioning Equifax with a new
identity focused on the financial services industry.
The announcement followed the Equifax Board of Directors' approval of the
distribution of stock in the new ChoicePoint to Equifax shareholders.
Stock in ChoicePoint will be distributed as a special dividend on August 7,
1997, to all Equifax shareholders of record on July 24, 1997. Equifax
shareholders of record will receive one share in ChoicePoint for every 10 shares
held of Equifax. Equifax shareholders will receive a cash payment for any
fractional shares in ChoicePoint. The two companies will be separated for
accounting purposes effective July 31, 1997, but the spinoff will not actually
be complete until the distribution of the dividend. ChoicePoint's stock will
begin regular trading on August 8, 1997 on the New York Stock Exchange as an
independent company under the symbol "CPS." Equifax will continue to be traded
under the symbol "EFX" on the New York Stock Exchange.
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EQUIFAX / CHOICEPOINT 2-2-2
The distribution of ChoicePoint stock will be treated generally as a
tax-free dividend to shareholders based on a private letter ruling from the
Internal Revenue Service.
Equifax, one of the world's largest and fastest growing financial
information services companies, announced last Dec. 9 it would spin off the
Insurance Services Group as a separate, independent public company, pending
receipt of the IRS ruling.
The Insurance Services Group is a leading provider of risk management
information to the insurance industry, corporations and government agencies. It
selected its new name as ChoicePoint, referring to the point in a process at
which a decision must be made and reflecting the company's role in providing
information to its customers at critical decision points.
ChoicePoint will be comprised of all current Insurance Services
operations and begins operations with about 4,600 employees and almost $400
million in annual revenues. It will maintain its headquarters in Alpharetta,
Ga., outside Atlanta. Derek V. Smith, currently the Equifax executive vice
president in charge of the Insurance Services Group, will become the president
and chief executive officer of the newly independent company.
The "new" Equifax will focus on the financial services industry
worldwide. It will consist of what is known today as the Financial Services
Group. The $1.3 billion global corporation will continue to be led by CEO
Daniel W. McGlaughlin, who also will be named vice chairman. Thomas F. Chapman,
currently Equifax executive vice president in charge of the Financial Services
Group, will become president & chief operating officer. The global company will
continue to be headquartered in Atlanta and operate with approximately 10,000
employees around the world.
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EQUIFAX / CHOICEPOINT 3-3-3
"What we have here is a great opportunity -- an opportunity to
establish more focused, swifter companies ready for the 21st century," said
Equifax CEO Daniel W. McGlaughlin.
According to McGlaughlin, the split is being pursued because the
corporation's two business groups have diverged in their products, customers and
strategies. By setting up independent companies, the two will be better
positioned to pursue new opportunities and able to respond much more quickly and
efficiently to changes in each of their marketplaces, without competing for
corporate resources.
Equifax will focus its energies principally on providing information
solutions in support of financial services and will accelerate the global
expansion that has seen it launch operations in 14 countries in the past six
years. Today, the new Equifax has sales in 40 countries and is known for
commercial and consumer credit information, credit and debit card processing,
check authorization, analytics and consulting and financial software. It
recently was added to the S&P 500 Index.
ChoicePoint will continue to expand its comprehensive risk management
information and technology solutions to a broad range of industries worldwide.
The company's leading position is in the insurance industry, providing life and
health and property and casualty underwriting and claims information. It also
has a growing presence in providing risk management services to additional
markets for pre-employment and drug testing, public record information, UCC
search and filing and other information services to businesses and government
agencies, providing a solid foundation for significant growth.
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