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CERIDIAN'S BOARD APPROVES SPIN-OFF OF CONTROL DATA SYSTEMS

 CERIDIAN'S BOARD APPROVES SPIN-OFF OF CONTROL DATA SYSTEMS
 MINNEAPOLIS, July 15 /PRNewswire/ -- Ceridian Corporation (NYSE: CEN) announced today that its board of directors has declared a dividend on its common stock consisting of the common stock of Ceridian's wholly owned computer subsidiary, Control Data Systems, Inc. Holders of Ceridian stock at the close of business on the record date, which is planned for July 29, 1992, will receive a dividend distribution of one share of Control Data Systems common stock for every four shares of Ceridian common stock. It is expected that the dividend distribution will be completed and that Control Data Systems will become an independent company at the close of business on July 31. Ceridian first announced that it intended to spin off Control Data Systems on May 27, 1992.
 The dividend is subject principally to the Form 10 registration statement filed with the SEC becoming effective and to the receipt of a favorable "no-action" letter from the SEC, both of which are expected to occur shortly. An information statement about Control Data Systems and the spin-off will be mailed to Ceridian stockholders after the Form 10 registration statement is declared effective.
 Control Data Systems stock will trade on the NASDAQ National Market System under the symbol "CDAT." From about August 3 through the date when Control Data Systems stock certificates are distributed, which is planned for August 26, it is expected that Control Data Systems stock will trade on a "when issued" basis. During the same period, Ceridian stock will trade either with or without the Control Data Systems dividend.
 As Ceridian has indicated previously, the separation of the two companies has been undertaken to provide both companies with increased flexibility and greater ability to pursue cooperative ventures, business combinations and other actions to grow faster and to improve their competitive positions.
 Silicon Graphics Inc. signed a letter of intent in May to purchase a 10 percent interest in Control Data Systems. NEC Corporation and Control Data Systems continue to discuss a potential NEC purchase of a 5 percent interest in Control Data Systems.
 Ceridian Corporation is a services company. It provides payroll processing and other employer services, media and market research, and network services to business customers, as well as information management services and products to government customers.
 Control Data Systems integrates open systems solutions that satisfy customers' requirements for manufacturing engineering and information management systems.
 -0- 7/15/92
 /CONTACT: Nancy Foltz of Ceridian Corporation, 612-853-5229/
 (CEN) CO: Ceridian Corporation; Control Data Systems, Inc. ST: Minnesota IN: CPR SU:


KH -- MN006 -- 9420 07/15/92 09:39 EDT
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Publication:PR Newswire
Date:Jul 15, 1992
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