As part of the process by ING US to become more independent, the parent company recently announced its intent to sell stock currently held in an S1 filing with the Securities and Exchange Commission. ING US, which eventually will be renamed Voya, went public on May 1, 2013, so underwriters had to waive the 180-day lock-up period.
As part of the bailout by the Dutch government after the financial crisis, ING agreed to divest some of its holdings, including the ING US retirement services and asset management groups. After originally planning to sell its interest by the end of 2013, ING was given an extension; the parent firm now expects to reduce its holding to 25% by 2016.
