Hillshire Brands spin-off complete
by Meat&Poultry Staff
DOWNERS GROVE, Ill. — The Hillshire Brands Co., the former Sara Lee Corp., has completed the separation of its international coffee and tea business.
“The completion of the D.E Master Blenders 1753 spin-off is a significant milestone for shareholders and employees as it creates two pure-play companies that will pursue success independently,” said Jan Bennink, former executive chairman of Sara Lee Corp. and chairman of the board of D.E Master Blenders 1753. “I want to thank our employees around the world for their efforts in reaching this momentous occasion.”
A distribution of all the common stock of the US subsidiary that held Sara Lee’s international coffee and tea business, known as CoffeeCo, was made to an exchange agent on behalf of the Sara Lee shareholders of record. After the distribution of the CoffeeCo common stock, CoffeeCo paid a $3 per share special dividend. After the payment of the special dividend, CoffeeCo merged with a subsidiary of D.E Master Blenders 1753 with CoffeeCo coming through the merger as a subsidiary of D.E Master Blenders 1753 and each share of CoffeeCo common stock was exchanged for one ordinary share of D.E Master Blenders 1753.
Immediately following the separation, Sara Lee completed a 1-for-5 reverse stock split of its shares of common stock and changed its name to The Hillshire Brands Co. Hillshire Brands common stock will begin “regular way” trading on the New York Stock Exchange on June 29 under the ticker symbol “HSH.” D.E Master Blenders 1753 ordinary shares will continue to trade on the NYSE Euronext Amsterdam on an “as-if-and-when-issued” basis until July 9 when shares will begin “regular way” trading under ticker symbol “DE.”