DALLAS, Aug. 14, 2013 /PRNewswire/ -- Dean Foods Company (NYSE: DF) today announced a 1-for-2 reverse stock split of issued Dean Foods common stock.
Dean Foods anticipates the reverse stock split will be effective after the close of trading on Monday, August 26, 2013, and Dean Foods common stock will begin trading on a split adjusted basis on the New York Stock Exchange (NYSE) at the opening of trading on Tuesday, August 27, 2013.
In May, the Company's stockholders approved a proposal to give the Board of Directors the discretion to effect a reverse stock split following the spin-off of The WhiteWave Foods Company. Gregg Tanner, Chief Executive Officer and Director of Dean Foods, said, "We have unlocked significant stockholder value over the past year through the strategic realignment of Dean Foods and the separation of our former business units. We believe the reverse stock split will provide an additional benefit by making our common stock a more attractive and cost effective choice for many investors."
When the reverse stock split becomes effective, every two shares of issued Dean Foods common stock (including shares of common stock held in the Company's treasury) will be automatically combined into one share of common stock. This will reduce the number of issued and outstanding shares of Dean Foods common stock from approximately 188.5 million to approximately 94.3 million. The reverse stock split will not change the authorized number of shares of common stock or preferred stock of the Company or the par value of the Company's common stock or preferred stock, but will effect a proportionate adjustment to the per share exercise price and the number of shares of common stock issuable upon the exercise of outstanding stock options and vesting of restricted stock awards, and the number of shares of common stock eligible for issuance under the Company's 2007 Stock Incentive Plan. Dean Foods common stock will continue trading on the NYSE under the trading symbol "DF" but will trade under a new CUSIP number (242370 203) and ISIN number (US2423702032).