Pursuant to the terms of the transaction, Eggland’s Best has contributed certain assets, including its trademarks, into a new limited liability company, in which Land O’ Lakes has purchased a 50% membership interest.
Eggland’s Best and its subsidiaries will own the other 50% of the company. The new joint venture will license both the Eggland’s Best and Land O’ Lakes brands.
Cal-Maine expects to record a one-time gain of approximately $27.0m, or $1.12 per share, after tax, in the company’s financial results for the fourth quarter of fiscal 2012, as a result of this transaction.
Source: Cal-Maine Foods
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