Dean Foods announces spin-off of WhiteWave Foods

Dean Foods (DF) announced that its board of directors has approved the distribution of a portion of its remaining equity interest in The WhiteWave Foods Company (WWAV) to Dean Foods stockholders and has determined the approximate distribution ratios, record date and distribution date for the spin-off. The Dean Foods board of directors has authorized the distribution to Dean Foods stockholders of an aggregate of 47,686,000 shares of WhiteWave Class A common stock and 67,914,000 shares of WhiteWave Class B common stock on May 23, the distribution date, as a pro rata dividend on shares of Dean Foods common stock outstanding at the close of business on the record date of May 17. Based on the number of shares of Dean Foods common stock outstanding as of March 31, Dean Foods estimates that each share of Dean Foods common stock will receive approximately 0.256 shares of WhiteWave Class A common stock and approximately 0.364 shares of WhiteWave Class B common stock in the distribution. The actual distribution ratios for the WhiteWave Class A common stock and the WhiteWave Class B common stock to be distributed per share of Dean Foods common stock will be determined based on the number of shares of Dean Foods common stock outstanding on the record date.