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Ralcorp confirms date to complete separation of business
Ralcorp Holdings has revealed that the Securities and Exchange Commission has declared effective Post Holdings Registration Statement on Form 10.
As a result of this approval, Ralcorp expects the proposed separation of the Post cereals business will be completed on February 3.
Ralcorp will complete the separation by distributing at least 80% of the outstanding shares of post common stock, to holders of Ralcorp common stock of record as of the close of business, on January 30. Each such holder will receive one share of Post common stock for every two shares of Ralcorp common stock held on the record date.
The distribution will be effective at 11.59 pm, Eastern time, on February 3, subject to certain conditions, as previously announced. However, if the conditions have not been satisfied or waived on the distribution date, the distribution date may be extended until the conditions are satisfied or waived.
In connection with the separation transactions, Ralcorp has received $775m and expects to receive an additional $125m. Ralcorp has used or intends to use these proceeds to reduce debt, aggressively pursue private-brand acquisitions and pursue additional share repurchases under the company’s remaining share repurchase authorisation of approximately five million shares.
Source: Ralcorp
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