Brown-Forman Corp. (BFA: Quote,BFB: Quote) said its board of directors approved a three-for-two stock split for all shares of Class A and Class B common stock to be paid in the form of a stock dividend.
The company noted that the implementation of the stock split is subject to the approval of an increase in the number of authorized shares of both classes of stock at its regular annual meeting of stockholders scheduled to be held on July 26, 2012.
According to Brown-Forman, if the increase in the number of authorized shares is approved, the record date for the split is anticipated to be on or about August 3, 2012 and the company would distribute one additional share of stock for every two shares of stock held for each respective class of stock. The new shares of each class of stock are expected to be distributed on or about August 10, 2012. The planned stock split will not affect the regular quarterly cash dividend of $0.35 per share payable on July 2, 2012.
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by RTT Staff Writer
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