Dallas-based Dean Foods Company has announced that chairman and CEO Gregg Engles intends to exercise stock options for approximately 1.9m shares.
The company said that Engles is to pay the exercise price through the delivery of currently owned shares. Following the exercise of these options, Engles will hold approximately 4.6m shares in Dean Foods stock and vested options, representing 3.2% of diluted shares outstanding.
The 1.9m options were granted to Engles between 1997 and 2001 under the company’s shareholder approved stock awards plan.
Dean Foods said that it does not expect this transaction to have a material effect on the number of diluted shares outstanding or earnings per share for 2006.