WASHINGTON (dpa-AFX) - Dean Foods Co. (DF) said Monday that it has determined the final distribution ratios relating to its previously announced distribution of an aggregate of about 47.7 million shares of Class A common stock and about 67.9 million shares of Class B common stock of The WhiteWave Foods Co. (WWAV) on May 23, 2013 as a pro rata dividend on shares of Dean Foods common stock outstanding at the close of business on the record date of May 17.
Based on the shares of Dean Foods common stock outstanding as of May 17, the record date for the distribution, each share of Dean Foods common stock will receive 0.25544448 shares of WhiteWave Class A common stock and 0.36380189 shares of WhiteWave Class B common stock in the distribution.
Fractional shares of WhiteWave Class A common stock and WhiteWave Class B common stock will not be distributed to Dean Foods stockholders. Instead, the fractional shares of WhiteWave Class A common stock and WhiteWave Class B common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in the form of cash payments to Dean Foods stockholders who would otherwise receive WhiteWave fractional shares.
WhiteWave Class A common stock currently trades on the NYSE under the symbol 'WWAV'. Following the distribution date, WhiteWave Class B common stock will trade on the NYSE under the symbol 'WWAV.B'.
When the distribution is complete, Dean Foods will continue to own 34.4 million shares of WhiteWave Class A common stock but will no longer own a controlling interest. Dean Foods expects to dispose of its retained shares of WhiteWave Class A common stock within 18 months of the distribution in one or more tax-free transactions.
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© 2013 AFX News
