WASHINGTON (dpa-AFX) - Barnes & Noble, Inc. (BKS) on Tuesday announced the timing and details regarding the spin-off of Barnes & Noble Education, Inc. from Barnes & Noble.
The Barnes & Noble board has approved the final distribution ratio and declared a pro rata dividend of the outstanding shares of Barnes & Noble Education common stock, which will result in the complete legal and structural separation of the two companies.
On the distribution date of August 2, Barnes & Noble stockholders of record on July 27, the record date for the distribution, will receive 0.632 shares of Barnes & Noble Education common stock for each share of Barnes & Noble common stock they hold on the record date.
Shares of Barnes & Noble common stock will continue to trade 'regular way' on the New York Stock Exchange under the symbol 'BKS' through the distribution date of August 2, and thereafter.
Barnes & Noble Education common stock is expected to begin trading on a 'when-issued' basis on the NYSE under the symbol 'BNED WI' beginning on July 23. On August 3, when-issued trading of Barnes & Noble Education common stock will end and 'regular-way' trading under the symbol 'BNED' will begin.
Contemporaneously with the approval of the spin-off, the Barnes & Noble board also approved a policy of paying dividends at an annual rate of $0.60 per share of the company, payable in four installments of $0.15 per share, with such quarterly dividends to be declared on a quarterly basis by the board.
In accordance with the dividend policy, the Barnes & Noble board has declared a dividend equal to $0.15 per share, payable on August 17 to stockholders of record on August 7.
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