Hillenbrand Industries Announces Formal Board Approval of Separation by Means of Share Distribution and Details for Completion
17 März 2008 - 1:30PM
PR Newswire (US)
-- Board sets record date of March 24, 2008 BATESVILLE, Ind., March
17 /PRNewswire-FirstCall/ -- Hillenbrand Industries, Inc. (NYSE:HB)
announced today that on March 14, 2008, its Board of Directors
formally approved the previously announced tax-free spin-off of
Batesville Holdings, Inc., to be the post separation holding
company for the Batesville Casket funeral service business. The
Board set a record date of March 24, 2008, and a distribution date
of March 31, 2008 for the distribution by Hillenbrand Industries to
its shareholders of all of the shares of Batesville Holdings. In
addition, Hillenbrand Industries' shareholders approved in a March
13, 2008, special meeting, the change of Hillenbrand Industries,
Inc.'s name to Hill-Rom Holdings, Inc. at the time of the
separation. At the same time, Batesville Holdings, Inc. will change
its name to Hillenbrand, Inc. The new Hill-Rom Holdings will trade
on the New York Stock Exchange (NYSE) under the ticker symbol HRC.
The new Hillenbrand, Inc. will trade on the NYSE under the symbol
HI. After the close of business on the distribution date,
shareholders of Hillenbrand Industries, Inc. at the close of
business on the record date will receive one share of the new
Hillenbrand, Inc. (Batesville Holdings) common stock for each share
of Hillenbrand Industries common stock held by them on the record
date. No action is required of Hillenbrand Industries shareholders
to receive their shares in new Hillenbrand, Inc. Promptly following
the record date, an information statement describing the business
and management of Hillenbrand, Inc. (Batesville Holdings) and
details regarding the distribution will be mailed to Hillenbrand
Industries shareholders as of the record date. "We are pleased to
be completing these final steps toward the separation," said Peter
H. Soderberg, president and CEO of Hillenbrand Industries and Hill-
Rom. "Our Board and our management believe that separation of the
two companies is the best way to unlock value and allow each
company to focus on accelerating growth in their respective
industries." "Ex-Distribution" and "When Issued" public market
announced Hillenbrand Industries and Batesville Holdings have been
advised that an "ex-distribution" public market for Hill-Rom
Holdings common stock and a "when issued" public market for
Hillenbrand, Inc. common stock will begin March 19, 2008, on the
NYSE and continue through the distribution date. Shares of Hill-
Rom Holdings common stock that trade in the "ex-distribution"
market will trade without an entitlement to receive shares of
Hillenbrand, Inc. (Batesville Holdings) common stock in the
distribution. Hillenbrand Industries common stock will remain
outstanding and will continue to trade "regular way" on the NYSE
under the symbol "HB" until end of day March 31, 2008. Beginning on
April 1, 2008, and in connection with Hillenbrand Industries' name
change to Hill-Rom Holdings, Hillenbrand Industries will change its
trading symbol from "HB" to "HRC". Any holder of Hillenbrand
Industries common stock who sells shares of Hillenbrand Industries
in the "regular way" market on or before the distribution date will
also be selling the right to receive shares of Hillenbrand, Inc.
(Batesville Holdings) common stock in the spin-off. Holders of
Hillenbrand Industries common stock are encouraged to consult with
their financial advisors regarding the specific implications of
selling their common stock on or before the distribution date.
Currently, there is no public market for Hillenbrand, Inc.
(Batesville Holdings) common stock. Hillenbrand, Inc. common stock
has been approved for listing on the NYSE under the symbol "HI."
The company anticipates that trading in Hillenbrand, Inc. common
stock will commence on a "when issued" basis March 19, 2008.
Trading on a "when issued" basis means that investors may purchase
and sell shares of Hillenbrand, Inc. common stock up to and through
the distribution date, but these transactions will not settle until
after the distribution date. On the first trading day following the
distribution date, "when issued" trading will end and "regular way"
trading will begin for Hillenbrand, Inc. common stock. Neither
Hillenbrand Industries (Hill-Rom Holdings) nor Batesville Holdings
(Hillenbrand, Inc.) can predict the trading price for their common
stock before or following the distribution. As previously
announced, the separation remains subject to favorable market
conditions, effectiveness of the Form 10 registration statement
with the SEC, completion of necessary debt refinancing and other
customary conditions. As previously disclosed, the company has
already received a favorable tax ruling from the U.S. Internal
Revenue Service (IRS). The Form 10 is expected to be declared
effective later in the day on March 17, 2008. The information
statement is available on the SEC website at http://www.sec.gov/
and also can be viewed on the Hillenbrand website at
http://www.hillenbrand.com/ . ABOUT HILLENBRAND INDUSTRIES, INC.
Hillenbrand Industries is organized into two operating companies
serving the health care and funeral services industries. Hill-Rom
is a leading worldwide manufacturer and provider of medical
technologies and related services for the health care industry,
including patient support systems, non-invasive therapeutic
products for a variety of acute and chronic medical conditions,
medical equipment rentals, and information technology solutions.
Hill-Rom's comprehensive product and service offerings are used by
health care providers across the health care continuum in
hospitals, extended care facilities and home care settings to
enhance the safety and quality of patient care. Hill-Rom ...
enhancing outcomes for patients and their caregivers. Batesville
Casket Company is a leader in the North American death care
industry through the sale of funeral services products, including
burial caskets, cremation caskets, containers and urns, selection
room display fixturing and other personalization and
memorialization products. Batesville Casket Company ... helping
families honor the lives of those they love.
http://www.hillenbrand.com/ DATASOURCE: Hillenbrand Industries,
Inc. CONTACT: Investor Relations, Blair A. (Andy) Rieth, Jr., Vice
President, Investor Relations, Corporate Communications &
Global Brand Development, +1-812-931-2199, , or Media Relations,
Lauren Green- Caldwell, Director, Corporate Communications &
Public Relations, +1-812-934-8692, Web site:
http://www.hillenbrand.com/
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