Berkshire Hathaway Inc. (BRKA, BRKB) said Wednesday that its shareholders approved amendments to the company's certificate of incorporation that provide for a 50-for-1 split of its class B common stock.
As a result, each existing outstanding share of class B common stock will be exchanged for fifty shares of new class B common stock. There will not be a record date or a payable date.
The new class B common stock will begin trading on the New York Stock Exchange as of the opening of the market Thursday and the existing class B common stock will cease trading as of the close of the market today.
Berkshire's class A common stock is not being split. However as a result of the amendments to the company's certificate of incorporation, beginning Thursday each share of class A common stock will be convertible into 1,500 shares of new class B common stock.
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