Last Updated:  July 15, 2014

CBS Corporation Investor Information

The final exchange ratio is 2.1689 shares of Outdoor Americas common stock for each share of CBS Class B common stock validly tendered and not validly withdrawn and accepted by CBS pursuant to the terms of the exchange offer (as defined below).

The exchange offer expired at 12:00 midnight, New York City time, on July 9, 2014.  Under the terms of the offer, 2.1689 shares of CBS Outdoor common stock will be exchanged for each share of CBS Class B common stock accepted in the offer.  CBS accepted 44,723,131 of the tendered shares in exchange for 97,000,000 shares of CBS Outdoor common stock owned by CBS.

Because the exchange offer was oversubscribed, CBS accepted tendered shares of CBS Class B common stock on a pro rata basis in proportion to the total number of shares validly tendered and not validly withdrawn.  Shareholders who owned fewer than 100 shares of CBS Class B common stock, or an “odd lot,” and who validly tendered all of their shares, were not subject to proration in accordance with the terms of the exchange offer.  All of such shares have been accepted.  The final proration factor of approximately 14.7740% was applied to all other shares of CBS Class B common stock that were validly tendered and not validly withdrawn to determine the number of such shares that have been accepted from each tendering shareholder.

Based on the final count by the exchange agent Wells Fargo Bank, N.A., the final result of the exchange offer are as follows:

 

 

    

Total number of shares of CBS Class B common stock validly tendered and not validly withdrawn:

 

 

 

 

300,229,143

 

  

 

    

Shares tendered that were subject to proration

 

 

 

 

299,798,292

 

  

 

    

“Odd-lot” shares tendered that were not subject to proration

 

 

 

 

430,851

 

  

 

    

Total number of shares of CBS Class B common stock accepted

 

 

 

 

44,723,131

 

  

 

              

 On June 11, 2014, CBS Corporation (“CBS”) commenced an offer to exchange (the “exchange offer”) up to 97,000,000 shares of CBS Outdoor Americas Inc. (“Outdoor Americas”) common stock, par value $0.01 per share (“Outdoor Americas common stock”) in the aggregate that are owned by CBS for outstanding shares of CBS Class B common stock, par value $0.001 per share (“CBS Class B common stock”) that are validly tendered and not validly withdrawn, as described in further detail in the Prospectus dated July 3, 2014, (the “Prospectus”).

Pursuant to the exchange offer, for each share of CBS Class B common stock tendered in the exchange offer and not validly withdrawn, and that is accepted by CBS, holders of CBS Class B common stock were offered a number of shares of Outdoor Americas common stock at a discount of 7%, subject to an upper limit of 2.1917 shares of Outdoor Americas common stock per share of CBS Class B common stock (the “upper limit”). Stated another way, for each $100 of shares of CBS Class B common stock that are accepted in the exchange offer, holders of CBS Class B common stock were offered approximately $107.53 of Outdoor Americas common stock, based on the average trading prices of Outdoor Americas common stock and CBS Class B common stock on the New York Stock Exchange (the “NYSE”) as described below, and subject to the upper limit.

The average values of the CBS Class B common stock and the Outdoor Americas common stock for purposes of calculating the exchange ratio were determined by reference to the simple arithmetic average of the daily volume-weighted average prices (“VWAP”) of CBS Class B common stock and Outdoor Americas common stock, respectively, on the NYSE during the three consecutive trading days of July 7, 8 and 9, 2014 (the “Averaging Period”).

CBS has provided on this website the daily VWAP of both CBS Class B common stock and Outdoor Americas common stock, together with an indicative exchange ratio and the upper limit and whether the upper limit was in effect, for each of the trading days that the exchange offer was open, except that no indicative exchange ratios were provided for the first two days of the exchange offer period as such values require daily VWAP data for three trading days.

Shareholders of CBS Class A common stock, par value $0.001 per share (“CBS Class A common stock”) were allowed to participate in the exchange offer either by converting their shares of CBS Class A common stock to shares of CBS Class B common stock in advance of the expiration of the exchange offer or by conditionally converting such shares of CBS Class A common stock to shares of CBS Class B common stock and, in either case, following the procedures for tendering such shares set forth in the Prospectus.

The information on this website is being provided solely in connection with the exchange offer and should not be used for any other purpose. You should refer to the Prospectus for additional information about the exchange offer. A copy of the Prospectus, forms of a Letter of Transmittal, Notice of Guaranteed Delivery, Notice of Withdrawal and a Conditional Notice of Conversion, CBS press releases relating to the exchange offer, important tax information and information for Savings Plans participants are available through the links below.

Important Tax Information

Description: Description: Description: Description: http://4vector.com/i/free-vector-document-icon-clip-art_117163_Document_Icon_clip_art_hight.png Form 8937

Description: Description: Description: Description: http://4vector.com/i/free-vector-document-icon-clip-art_117163_Document_Icon_clip_art_hight.png Tax Basis Information

 

 

Date:

July 9, 2014

CBS Class B Common Stock Daily VWAP:

63.6452

Outdoor Americas Common Stock Daily VWAP:

32.0677

Indicative Exchange Ratio:

2.1689

Upper Limit:

2.1917

Upper Limit in Effect:

No

 

 

Table of Historical Indicative Calculated Per-Share Values

This table shows VWAPs and historical indicative calculated per-share values for shares of CBS Class B common stock and shares of Outdoor Americas common stock, and the corresponding indicative exchange ratio. On each date before the Averaging Period, the information in the table was updated by 4:30 p.m., New York City time. On each day of the Averaging Period, the VWAPs, indicative calculated per-share values and the indicative exchange ratio was updated at 10:30 a.m., 1:30 p.m. and 4:30 p.m., New York City time. This information reflected a 30-minute reporting and upload delay. During each of those days, this table provided only the last previously provided indicative calculated per-share value with respect to that day.

 

CBS Class B
Common Stock

Outdoor Americas
Common Stock

Indicative Exchange Ratio

Day

Date

Daily
VWAP

Indicative
Calculated
Per-Share Value

Daily
VWAP

Indicative
Calculated
Per-Share Value

Indicative Exchange Ratio
Used to Determine Number of
Shares of Outdoor Americas
Common Stock to be
Exchanged Per Share of
CBS Class B Common
Stock Tendered

1

June 11, 2014

62.0896

N/A *

31.4537

N/A *

N/A *

2

June 12, 2014

61.0769

N/A *

31.9060

N/A *

N/A *

3

June 13, 2014

60.4820

$ 61.2162

32.2160

$ 31.8586

2.0661

4

June 16, 2014

60.4832

$ 60.6807

32.6985

$ 32.2735

2.0217

5

June 17, 2014

60.2268

$ 60.3973

33.6329

$ 32.8491

1.9770

6

June 18, 2014

60.9251

$ 60.5450

33.8947

$ 33.4087

1.9487

7

June 19, 2014

60.3966

$ 60.5162

33.9348

$ 33.8208

1.9240

8

June 20, 2014

59.0637

$ 60.1285

34.1450

$ 33.9915

1.9021

9

June 23, 2014

58.9797

$ 59.4800

33.8554

$ 33.9784

1.8823

10

June 24, 2014

58.9988

$ 59.0141

34.1361

$ 34.0455

1.8639

11

June 25, 2014

62.1245

$ 60.0343

34.5008

$ 34.1641

1.8895

12

June 26, 2014

62.0433

$ 61.0555

35.0839

$ 34.5736

1.8989

13

June 27, 2014

61.3553

$ 61.8410

33.5976

$ 34.3941

1.9333

14

June 30, 2014

62.0032

$ 61.8006

32.8443

$ 33.8419

1.9636

15

July 1, 2014

62.9401

$ 62.0995

31.7639

$ 32.7353

2.0398

16

July 2, 2014

64.1968

$ 63.0467

31.8667

$ 32.1583

2.1081

17

July 3, 2014

64.3312

$ 63.8227

32.1956

$ 31.9421

2.1485

18

July 7, 2014

64.0211

$ 64.0211

31.6335

$ 31.6335

2.1762

19

July 8, 2014

63.2969

$ 63.6590

30.9720

$ 31.3028

2.1867

20

July 9, 2014

63.6452

$ 63.6544

32.0677

$ 31.5577

2.1689

*No indicative calculated per-share values or indicative exchange ratios are provided for the first two days of the exchange offer period as such values require daily VWAP data for three trading days.

Source: Bloomberg L.P.

 

Other Related Information

Description: Description: Description: Description: http://4vector.com/i/free-vector-document-icon-clip-art_117163_Document_Icon_clip_art_hight.png Prospectus

Description: Description: Description: Description: http://4vector.com/i/free-vector-document-icon-clip-art_117163_Document_Icon_clip_art_hight.png Letter of Transmittal

Description: Description: Description: Description: Description: http://4vector.com/i/free-vector-document-icon-clip-art_117163_Document_Icon_clip_art_hight.png Notice of Guaranteed Delivery

Description: Description: Description: Description: Description: http://4vector.com/i/free-vector-document-icon-clip-art_117163_Document_Icon_clip_art_hight.png Notice of Withdrawal

Description: Description: Description: Description: Description: http://4vector.com/i/free-vector-document-icon-clip-art_117163_Document_Icon_clip_art_hight.png Conditional Notice
of Conversion

*         Press Release

*        Press Release - Final Exchange Ratio

*        Press Release - Preliminary Results

*        Press Release – Final Results

 

Information for Savings Plans Participants

Description: Description: Description: Description: Description: http://4vector.com/i/free-vector-document-icon-clip-art_117163_Document_Icon_clip_art_hight.png Letter To CBS 401K Participants

Description: Description: Description: Description: Description: http://4vector.com/i/free-vector-document-icon-clip-art_117163_Document_Icon_clip_art_hight.png CBS 401K Q&A

Description: Description: Description: Description: Description: http://4vector.com/i/free-vector-document-icon-clip-art_117163_Document_Icon_clip_art_hight.png CBS 401K Blackout Notice

Description: Description: Description: Description: Description: http://4vector.com/i/free-vector-document-icon-clip-art_117163_Document_Icon_clip_art_hight.png Letter To Outdoor 401K Participants

Description: Description: Description: Description: Description: http://4vector.com/i/free-vector-document-icon-clip-art_117163_Document_Icon_clip_art_hight.png Outdoor 401K Q&A

Description: Description: Description: Description: Description: http://4vector.com/i/free-vector-document-icon-clip-art_117163_Document_Icon_clip_art_hight.png Outdoor 401K Blackout Notice

 

The information agent for the exchange offer is:

480 Washington Boulevard, 26th Floor
Jersey City, NJ 07310

1-888-624-7035 (toll-free in the United States)
+1-781-575-3340 (all others outside the U.S.)

 

Glossary of Terms

daily VWAP: VWAP for the period beginning at 9:30 a.m., New York City time (or such other time as is the official open of trading on the NYSE), and ending at 4:00 p.m., New York city time (or such other time as is the official close of trading on the NYSE), except that such data will only take into account adjustments made to reported trades included by 4:10 p.m., New York City time.

exchange ratio: The number of shares of Outdoor Americas common stock that will be exchanged for each share of CBS Class B common stock accepted in the exchange offer. The final exchange ratio will be available on this website and separately published by press release by 4:30 p.m., New York City time, on the expiration date of the exchange offer. In addition, the final exchange ratio may be obtained from the information agent, Georgeson Inc., at 1-888-624-7035 (toll-free for all stockholders in the United States) +1-781-575-3340 (all others outside the United States).

final calculated per-share value: The final per-share value of CBS common stock and the final per-share value of Outdoor Americas common stock to be used for purposes of calculating the final exchange ratio, equal to the simple arithmetic average of the daily VWAP for CBS Class B common stock and Outdoor Americas common stock, as applicable, on the NYSE during the Averaging Period.

indicative calculated per-share value: During the exchange offer, this website will display indicative calculated per-share values for CBS Class B common stock and Outdoor Americas common stock. These indicative values are displayed to assist tendering stockholders in understanding how the number of shares of Outdoor Americas common stock they would receive in the exchange offer will be calculated but are not indicative of the final exchange ratio.

From the third trading day until the first day of the Averaging Period, the indicative calculated per-share value of (1) CBS Class B common stock published on this website will equal the average of the daily VWAP of CBS Class B common stock on that day and each of two prior trading days, and (2) Outdoor Americas common stock published on this website will equal the average of the daily VWAP of Outdoor Americas common stock on that day and each of the two prior trading days. The data used to calculate such indicative calculated per-share values will not, however, be included in the calculation of the final calculated per-share value for either CBS Class B common stock or Outdoor Americas common stock. During the Averaging Period, the indicative calculated per-share values published on this website will equal (1) on the first day of the Averaging Period, the actual intra-day VWAP during the elapsed portion of the first day of the Averaging Period and (2) on the second day of the Averaging Period, the daily VWAP for the first day of the Averaging Period averaged with the actual intra-day VWAP during the elapsed portion of the second day of the Averaging Period; and (3) on the third day of the Averaging Period, the daily VWAP for the first and second days of the Averaging Period averaged with the actual intra-day VWAP for the elapsed portion of the third day of the Averaging Period. The data used to calculate such indicative calculated per-share values will be used in determining the final calculated per-share values.

intra-day VWAP: Intra-day VWAP means VWAP for the period beginning at the official open of trading on the NYSE and ending at a specified time in such day. Please note that the data used to derive the intra-day VWAP published on this website during the Averaging Period is subject to a 30 minute reporting and upload delay.

proration: If the exchange offer is oversubscribed and CBS cannot fulfill all tenders of CBS Class B common stock at the exchange ratio, then all shares of CBS Class B common stock that are validly tendered will generally be accepted for exchange on a pro rata basis in proportion to the number of shares tendered. We refer to this as “proration.” Stockholders (other than participants in certain CBS savings plans) who beneficially own “odd-lots” (that is, less than 100 shares of CBS Class B common stock in the aggregate) and who validly tender all their shares will not be subject to proration. Proration for each tendering stockholder will be based on the number of shares of CBS Class B common stock tendered by that stockholder in the exchange offer, and not on that stockholder’s aggregate ownership of CBS common stock.

VWAP: The “volume-weighted average price” per share of the applicable stock on the NYSE during the period specified, as obtained from Bloomberg L.P.

 

Forward-Looking Statements

 

Certain statements in this communication are "forward-looking” statements.  Forward-looking statements are not based on historical facts, but rather reflect CBS’s current expectations concerning future results and events.  These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements.  Important factors that could cause actual results to differ materially from CBS’s expectations include, without limitation: changes in legislation, tax rules or market conditions; other domestic and global economic, business, competitive and/or other regulatory factors affecting CBS’s businesses generally, including Outdoor Americas; and other factors described in CBS’s news releases and filings with the Securities and Exchange Commission (the “SEC”) including, but not limited to, its most recent Forms 10-K, 10-Q and 8-K.  Other risks and uncertainties are described in the Registration Statement on Form S-4, as amended, of Outdoor Americas filed with the SEC. You should not place undue reliance on these forward-looking statements.  Forward-looking statements speak only as of the date on which they are made.  CBS does not undertake any obligation to update any forward-looking statements contained in this communication as a result of new information or future events or developments, except to the extent required by applicable securities laws.

 

Additional Information

The terms and conditions of the exchange offer are more fully described in the Registration Statement on Form S-4 filed by Outdoor Americas with the SEC and a Schedule TO filed by CBS with the SEC.  The Prospectus, which is included in the Registration Statement, contains important information about CBS, Outdoor Americas, the exchange offer and related matters.  Investors and security holders are urged to read the Prospectus and any other relevant documents filed with the SEC by CBS and Outdoor Americas.

In addition to the links above, CBS shareholders may obtain a free copy of the Prospectus and other related documents filed with the SEC by CBS and Outdoor Americas at the SEC’s web site at www.sec.gov, and those documents may also be obtained for free, as applicable, from CBS at www.cbscorporation.com or Outdoor Americas at www.cbsoutdoor.com.