Abbott shareholders to get one AbbVie share per Abbott share
NEWS-SUN STAFF REPORT November 28, 2012 7:12PM
Abbott Company logo for business and Dan Miller. Company logos.
Updated: January 28, 2013 1:59AM
ABBOTT PARK — Abbott Laboratories said Wednesday its board of directors has approved the separation of its research-based pharmaceuticals business, which will be known as AbbVie Inc., and declared a special dividend distribution of all of the outstanding shares of AbbVie common stock.
The company said that for every one share of Abbott common shares held, Abbott shareholders will receive one share of AbbVie common stock. No fractional shares of AbbVie will be issued. Shareholders will receive cash in lieu of fractional shares.
The special dividend distribution is expected to be paid Jan. 1, 2013, to Abbott shareholders of record as of the close of business Dec. 12, 2012. Distribution of the stock dividend is subject to regulatory approval by the Securities and Exchange Commission.
The distribution of AbbVie common stock will complete the separation of the business from Abbott. After the distribution, AbbVie will be an independent, publicly traded company and Abbott will retain no ownership interest.
The company said AbbVie common stock is expected to begin trading Jan. 2, 2013, on the New York Stock Exchange under the ticker symbol ABBV. Abbott will continue to trade on the NYSE under the ticker symbol ABT.
“Today’s announcement marks another important milestone toward the completion of our business separation,” said Miles White, Abbott chairman and chief executive officer. “Abbott and AbbVie are well-positioned to begin 2013 as leaders in their respective markets.”
No action is required by Abbott shareholders in order to receive shares of AbbVie common stock in the distribution. Abbott expects to mail the information statement to all shareholders entitled to receive the distribution of shares of AbbVie common stock in mid-December.