Hillshire Brands (HSH) Completes Spin-off and Special Cash Dividend
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The Hillshire Brands Company (NYSE: HSH), formerly Sara Lee Corporation, today completed the previously announced separation of its international coffee & tea business.
The separation was effected as follows: A distribution of all of the common stock of the U.S. subsidiary that held Sara Lee’s international coffee and tea business (“CoffeeCo”) was made to an exchange agent on behalf of the Sara Lee shareholders of record as of the close of business on June 14, 2012; Immediately after the distribution of the CoffeeCo common stock, CoffeeCo paid a $3.00 per share special dividend; After the payment of the $3.00 special dividend, CoffeeCo merged with a subsidiary of D.E MASTER BLENDERS 1753 N.V.; Immediately following the separation, Sara Lee completed a 1-for-5 reverse stock split of its shares of common stock and changed its name to The Hillshire Brands Company.
On June 29, 2012, Hillshire Brands common stock will begin “regular way” trading on the New York Stock Exchange.
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The separation was effected as follows: A distribution of all of the common stock of the U.S. subsidiary that held Sara Lee’s international coffee and tea business (“CoffeeCo”) was made to an exchange agent on behalf of the Sara Lee shareholders of record as of the close of business on June 14, 2012; Immediately after the distribution of the CoffeeCo common stock, CoffeeCo paid a $3.00 per share special dividend; After the payment of the $3.00 special dividend, CoffeeCo merged with a subsidiary of D.E MASTER BLENDERS 1753 N.V.; Immediately following the separation, Sara Lee completed a 1-for-5 reverse stock split of its shares of common stock and changed its name to The Hillshire Brands Company.
On June 29, 2012, Hillshire Brands common stock will begin “regular way” trading on the New York Stock Exchange.
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