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Sears, Roebuck and Co.’s board gave final approval for the record $11.1 billion spinoff to shareholders of Sears’ 80.3 percent stake in Northbrook-based Allstate Corp. The directors set June 30 as the payable date for the special tax-free dividend of Allstate stock. Based on Allstate’s Monday New York Stock Exchange closing quote of $30.75, the divestiture is valued at $11.1 billion, making it the largest spinoff in U.S. history. Sears shareholders will receive about 0.93 of an Allstate share for each Sears common share they own.
