PURCHASE, N.Y. - (11/30/05) -- The vast majority of the 1,400credit unions and banks that own MasterCard approved plans for anew corporate structure, including selling a controlling stake tothe public in a $2.5 billion initial public offering, the creditcard giant announced Tuesday. Most of the proceeds from theoffering will go to shareholding institutions, with the companyexpected to retain about $700 million. The new structure willinclude a board controlled by independent directors, instead of theshareholding institutions. The IPO is slated for early nextyear.
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