Tags: Dean | Foods | WhiteWave | spinoff

Dean Foods Plans WhiteWave Spinoff to Unlock Value

Wednesday, 01 May 2013 06:11 PM

Dean Foods Co. said it will spin off WhiteWave Foods Co., maker of Silk soy milk, this month to unlock shareholder value, leaving the dairy company with a minority stake.

Shareholders will receive about 47.7 million WhiteWave Class A shares and 67.9 million Class B shares on May 23, Dallas-based Dean said Wednesday in a statement. For each share of Dean common stock, holders will receive about 0.256 shares of WhiteWave Class A common stock and approximately 0.364 shares of WhiteWave Class B common stock, the company said.

The "action today puts the spinoff of WhiteWave in motion," Dean Chief Executive Officer Gregg Tanner said in the statement. The separation "puts both companies on a path for future success in their respective businesses."

Dean said Gregg Engles resigned as chairman of the board and a director, effective immediately. Tom Davis was appointed to replace him. Stephen Green, Joseph Hardin Jr., and Doreen Wright also resigned from the board. The company has withdrawn Engles' nomination for re-election at its annual meeting and cut the board’s size from 12 to eight, according to the statement.

The company will seek stockholder approval for the reverse stock split. Shares will be issued at a ratio of at least 1-for-2 and at most 1-for-8, the company said.

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Dean Foods Co. said it will spin off WhiteWave Foods Co., maker of Silk soy milk, this month to unlock shareholder value, leaving the dairy company with a minority stake.
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2013-11-01
Wednesday, 01 May 2013 06:11 PM
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