DALLAS, Aug. 26, 2013 /PRNewswire/ -- Dean Foods Company (NYSE: DF) today announced the effectiveness of its 1-for-2 reverse stock split of issued Dean Foods common stock, which became effective at 4:15PM Eastern Time today. Dean Foods common stock will begin trading on a split-adjusted basis on the New York Stock Exchange (NYSE) at the opening of trading tomorrow, August 27, 2013.
Also today, Dean Foods reiterated its financial guidance for the third quarter of 2013 while updating the figures to account for the impact of the reverse stock split. "We previously announced our expectation of adjusted diluted earnings of $0.05 to $0.08 per share during the third quarter of 2013 on a pre-split basis. On a post-split basis, this translates to expected adjusted diluted earnings of $0.10 to $0.16 per share for the third quarter of 2013. In addition, our prior full year 2013 guidance of adjusted diluted earnings of $0.47 to $0.53 per share on a pre-split basis translates to adjusted diluted earnings per share of $0.94 to $1.06 on a post-split basis," stated Chris Bellairs, Chief Financial Officer of Dean Foods.
As previously disclosed, upon effectiveness of the reverse stock split, every two shares of issued Dean Foods common stock (including shares of common stock held in the Company's treasury) were automatically combined into one share of common stock.
No fractional shares were issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to receive a fractional share of Dean Foods common stock are entitled to receive a cash payment in lieu of the fractional share. Computershare is acting as the Company's Exchange Agent in connection with the reverse stock split. Stockholders will receive the notices, forms and instructions regarding the exchange of their certificates reflecting pre-split shares for certificates reflecting post-split shares from the Exchange Agent or their broker.