The board of directors of The Quaker Oats Company (NYSE: OAT) yesterday declared a dividend.
Quaker’s current dividend period, which commenced March 22, 2001, would customarily end on a record date of June 15, 2001, with a July 13, 2001 payable date. If Quaker’s proposed merger with PepsiCo, Inc. (NYSE: PEP) is not completed on or before June 15, 2001, Quaker will pay a quarterly dividend of 28-1/2 cents per share on Quaker’s outstanding common stock, payable July 13, 2001 to shareholders of record on June 15, 2001.
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If the proposed merger with PepsiCo is completed on or after June 9, 2001, and prior to the close of business on June 15, 2001, then Quaker shareholders of record at the close of business on the last day preceding the effective date of the merger will receive a pro-rata dividend from March 22, 2001, through the close of business on the last date preceding the effective date of the merger. The pro-rata dividend would be equal to $.00331395 per share per day, for the period from and including March 22, 2001, through the last day preceding the effective date of the merger. (This per-day rate, applied to the full dividend period, equals 28-1/2 cents per share.) The pro-rata dividend would be payable within 30 days after the effective date of the merger.
If the proposed merger with PepsiCo is completed on or before June 8, 2001, then those Quaker shareholders whose shares are converted into PepsiCo common stock and who remain PepsiCo shareholders of record on June 8, 2001, will be entitled to receive the PepsiCo dividend, as provided in Quaker’s merger agreement with PepsiCo. On May 2, 2001, the board of directors of PepsiCo declared a quarterly dividend of 14-1/2 cents per share, payable on June 29, 2001, to PepsiCo shareholders of record on June 8, 2001.
The closing of the merger remains subject to certain conditions set out in the merger agreement, including the approval of the U.S. Federal Trade Commission. It is anticipated that the transaction will be completed by the end of the second quarter.
Forward-looking statements, within the meaning of Section 21E of the Securities and Exchange Act of 1934, are made in this document. The Company’s results may differ materially from those suggested by the forward-looking statements. The forward-looking statement in this document concerning the Company’s proposed merger with PepsiCo, Inc., is subject to a number of factors, including: the inability to obtain, or meet conditions imposed for, regulatory or governmental approval; and customary closing conditions.
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By GlobalDataThe Quaker Oats Company press releases are available through the Internet: at www.quakeroats.com . They are also available at PR Newswire’s Company News On-Call Fax Service. For a menu of available Quaker Oats Company news releases or to retrieve a specific release, call -1-800-758-5804, extension 103689.
