USA: J.M. Smucker Completes Share Combination; New SJM Shares to Begin Trading Tomorrow
The J.M. Smucker Company (NYSE: SJM.A and SJM.B) announced today that the legal filings necessary to combine its Class A and Class B shares into a new class of common have been completed. The transaction was approved by the shareholders of the Company at its annual meeting on August 15.The Company's new common shares will begin trading on the New York Stock Exchange under the symbol "SJM" when the market opens tomorrow, August 29. Class A and Class B stock certificates will automatically convert into the new common shares and will not need to be exchanged by shareholders.Also, with the completion of the Class A and Class B combination, the Company will proceed with the repurchase of approximately 4.3 million shares that were tendered to the Company at $18.50 per share as part of the transaction. After the repurchase, the Company will have 24,063,281 shares outstanding. The aggregate amount of the repurchase will be just over $79 million. The Company placed an additional $60 million in senior debt to help finance the repurchase."We have created a new simplified capital structure with a single class of common shares," said Tim Smucker, Chairman of The J. M. Smucker Company. "The stock should now be more liquid and easier to trade, with higher earnings per share and a higher return on shareholder equity."The J.M. Smucker Company (
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- General Mills sales woes continue - analysis
- Why personalisation will take-off in US food
- US food next wave on display at Winter Fancy Food
- Comment: Meal kits in US - don't believe the hype
- Column: Kraft Heinz, Unilever and sustainability
- Unilever 'lining up spreads sale'
- UK own-label firm Park Cakes sold in MBO
- Immigration crackdown "risk" for US dairy industry
- BRF plant suspended amid bribery allegations
- Fonterra cuts earnings forecast