May 31 (Reuters) – Packaged food maker Sara Lee Corp
, which is spinning off its coffee and tea business, said
the new company will distribute a $3.00 per share special
dividend.
The Sara Lee board also approved a 1-for-5 reverse stock
split to take effect immediately after the spinoff.
Sara Lee said its international Coffee & Tea business, or
CoffeeCo, would distribute the dividend immediately after the
distribution of the CoffeeCo common stock after the market close
on June 28.
It will be payable to CoffeeCo’s shareholders of record as
of the time immediately after the distribution of the CoffeeCo
common stock, who are Sara Lee shareholders of record as of the
close of business on the record date.
The company also said that after the distribution of the
special dividend, CoffeeCo will merge with a subsidiary of D.E
Master Blenders 1753 N.V.
Shares of D.E Master Blenders will be exchanged for the
shares of CoffeeCo common stock and all of the ordinary shares
of D.E Master Blenders will be distributed to CoffeeCo
shareholders.
