US based food and beverage company, Dean Foods Company, signed the spin off from The WhiteWave Foods Company. In an announcement, the board of directors had consented to the distribution of the residual equity interest in The WhiteWave Foods Company to stockholders of Dean Foods. The board had identified the estimated ratio of distribution, date of record and date of distribution for the spin-out.
The Chief Executive Officer and Director Dean Foods, Gregg Tanner said, "Following WhiteWave's successful initial public offering last year, our Board's action today puts the spin-off of WhiteWave in motion."
Mr. Tanner further explained that, "The separation of WhiteWave from Dean Foods continues to unlock significant shareholder value and puts both companies on a path for future success in their respective businesses."
In addition, the Board of Directors of Dean Foods accepted today the resignation of Gregg Engles as Chairman of the Board and Director effective at the end of the 1st of May 2013 board meeting. Due to Mr. Engles' resignation, the board of directors withdrew their nomination for him for re-election for the board of directors at the Dean Foods' 2013 Annual Meeting of Stockholders. Tom Davis was appointed to replace Mr. Engles.
Join the Conversation