Sara Lee Corp. (SLE: Quote) announced that its board has approved the separation of its international Coffee & Tea business from Sara Lee Corp. The Sara Lee board has also approved a 1-for-5 reverse stock split of shares of Sara Lee common stock to take effect immediately after the separation.
The company stated that the separation will be effected as a distribution of the CoffeeCo common stock will be made after market close on June 28, 2012 to exchange agent on behalf of the Sara Lee shareholders of record as of the close of business on June 14, 2012.
Sara Lee noted that immediately after the distribution of the CoffeeCo common stock, CoffeeCo will pay a $3.00 per share special dividend. The dividend will be paid to CoffeeCo's shareholders of record as of the time immediately after the distribution of the CoffeeCo common stock, which are the Sara Lee shareholders of record as of the close of business on the record date.
The company said that after the distribution of the $3.00 special dividend, CoffeeCo will merge with a subsidiary of D.E MASTER BLENDERS 1753 N.V., the ordinary shares of D.E MASTER BLENDERS 1753 will be exchanged for the shares of CoffeeCo common stock and all of the ordinary shares of D.E MASTER BLENDERS 1753 will be distributed to the CoffeeCo shareholders.
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by RTT Staff Writer
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