Hillenbrand Industries (HB) Announces Approval of Separation by Means of Share Distribution
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Hillenbrand Industries, Inc. (NYSE: HB) announced that on March 14, 2008, its Board of Directors formally approved the previously announced tax-free spin-off of Batesville Holdings, Inc., to be the post separation holding company for the Batesville Casket funeral service business. The Board set a record date of March 24, 2008, and a distribution date of March 31, 2008 for the distribution by Hillenbrand Industries to its shareholders of all of the shares of Batesville Holdings.
In addition, Hillenbrand Industries' shareholders approved in a March 13, 2008, special meeting, the change of Hillenbrand Industries, Inc.'s name to Hill-Rom Holdings, Inc. at the time of the separation. At the same time, Batesville Holdings, Inc. will change its name to Hillenbrand, Inc. The new Hill-Rom Holdings will trade on the New York Stock Exchange (NYSE) under the ticker symbol HRC. The new Hillenbrand, Inc. will trade on the NYSE under the symbol HI.
Hillenbrand Industries and Batesville Holdings have been advised that an "ex-distribution" public market for Hill-Rom Holdings common stock and a "when issued" public market for Hillenbrand, Inc. common stock will begin March 19, 2008, on the NYSE and continue through the distribution date. Shares of Hill- Rom Holdings common stock that trade in the "ex-distribution" market will trade without an entitlement to receive shares of Hillenbrand, Inc. (Batesville Holdings) common stock in the distribution. Hillenbrand Industries common stock will remain outstanding and will continue to trade "regular way" on the NYSE under the symbol "HB" until end of day March 31, 2008. Beginning on April 1, 2008, and in connection with Hillenbrand Industries' name change to Hill-Rom Holdings, Hillenbrand Industries will change its trading symbol from "HB" to "HRC".
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