Dean Foods Co. (DF) said Thursday that it has completed 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 WhiteWave Foods Co. (WWAV) 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 received 0.25544448 shares of WhiteWave Class A common stock and 0.36380189 shares of WhiteWave Class B common stock in the distribution.
With the completion of the distribution, Dean Foods continues to own an about 19.9% economic interest in WhiteWave. 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 debt-for-equity exchanges or other tax-free dispositions.
WhiteWave Class A common stock currently trades on the NYSE under the symbol "WWAV" and, beginning on May 24, WhiteWave Class B common stock will trade on the NYSE under the symbol "WWAV.B".
WhiteWave said Thursday that its Board of Directors has authorized a share repurchase program, under which the company may repurchase up to $150 million of its common stock. The main purpose of the program will be to offset dilution from WhiteWave's equity compensation plans, but the company also may make discretionary, opportunistic purchases.
For comments and feedback: editorial@rttnews.com