Maumee agribusiness The Andersons Inc. on Thursday announced a three-for-two stock split to take place on Feb. 18 for shareholders of record as of Jan. 21.
“Our stock’s recent outstanding performance has enabled us to undertake this endeavor,” Mike Anderson, chairman and chief executive officer of the company, said. The move will grant shareholders one additional share for every two they own.
The company’s stock has risen 103 percent this year.
The stock split decision was announced after the markets closed Thursday. In daily trading, The Andersons’ stock fell $1.38 to close at $86.47 a share.
The agribusiness has about 18.8 million shares of common stock outstanding. With the three-for-two stock split, the numbers of shares outstanding is expected to increase to about 28.2 million.
The company’s board approved a first quarter 2014 cash dividend of 16.5 cents per share, payable Jan. 23 to shareholders of record as of Jan. 2.
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