Dutch retail giant Ahold wants to amend its articles of association in a bid to return EUR3bn (US$4bn) to its shareholders.
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The company said today (23 May) that it would propose a capital repayment and a reverse share split at an extraordinary general meeting of shareholders on 19 June.
Under the plans, Ahold said it would pay shareholders EUR1.89 per share, while there will be a reduction in outstanding common shares.
The repayment to shareholders and stock split will be subject to the customary filings with the trade registry, a two-month creditor objection period, and the closing of the sale of Ahold’s US Foodservice business, the company said.
Earlier this month, Ahold agreed to sell its US Foodservice arm to two private equity firms, Clayton Dubilier & Rice and Kohlberg Kravis Roberts, for US$7.1bn.
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