Lorillard Declares 3-for-1 Stock Split
Lorillard (NYSE: LO), the third largest manufacturer of cigarettes in the United States, announced today that its Board of Directors has declared a three-for-one split of Lorillard common stock. The stock split will be effected in the form of a 200% stock dividend.
"Since becoming an independent publicly traded company in 2008, Lorillard has consistently grown its business and financial results, and those results have largely been reflected by a higher stock price," stated Murray S. Kessler, Chairman, President and Chief Executive Officer of Lorillard. "Today's announcement demonstrates the Board of Directors' continued confidence in the Company's brands and strategic direction, along with our ongoing commitment of creating value for Lorillard shareholders."
Lorillard shareholders of record at the close of business on December 14, 2012, will receive two additional shares of Lorillard stock for each share then owned. These additional shares will be distributed beginning January 15, 2013.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.