MSG Rangers and Huron Consulting Set to Join S&P SmallCap 600

S&P Dow Jones Indices will add MSG Rangers and Huron Consulting Group to the S&P SmallCap 600 on separate dates, changing the benchmark’s membership as two corporate transactions reshape its roster.

MSG Rangers Inc. (MSGR) is due to enter before trading begins Tuesday, Oct. 27. Arbor Realty Trust (ABR) will leave the index before the market opens Wednesday, Oct. 28, one day after the Rangers addition. MSG Rangers is classified in Communication Services, while Arbor is in Financials.

The Rangers addition is timed around Madison Square Garden Sports Corp.’s planned separation of its Rangers and Knicks businesses. The distribution is scheduled to take effect at 11:59 p.m. ET Monday, Oct. 26 (3:59 a.m. UTC Tuesday, Oct. 27). Shareholders of record at the close of business Tuesday, Oct. 20, are due one Rangers share for every two MSG Sports shares of the corresponding class. A holder who sells MSG Sports Class A shares in regular-way trading on or before Oct. 26 also transfers the associated Rangers-share right.

Madison Square Garden Sports plans to take the MSG Knickerbockers Inc. name and keep its index seat under ticker MSGK. Class A shares in both companies are expected to begin separate regular trading on the New York Stock Exchange on Oct. 27. TokenPost previously covered the Rangers spin-off and separate trading plan.

S&P Dow Jones Indices said Arbor no longer represents the small-cap market segment. The timing means the Rangers addition and Arbor’s removal take effect on consecutive trading days.

Huron Consulting Group Inc. (HURN) is scheduled to join before the market opens Nov. 2, replacing Supernus Pharmaceuticals Inc. (SUPN). Huron is classified in Industrials and Supernus in Health Care. The index change is tied to Indivior Pharmaceuticals Inc.’s (INDV) planned acquisition of Supernus. The deal is expected to close soon, subject to final conditions.