Ralcorp will complete the separation by distributing at least 80% of the outstanding shares of Post common stock, to holders of Ralcorp common stock of record as of the close of business, on January 30, 2012. Each such holder will receive one share of Post common stock for every two shares of Ralcorp common stock held on the record date. The distribution will be effective at 11:59 p.m., Eastern Time, on February 3, 2012, subject to certain conditions, as previously announced; however, if the conditions have not been satisfied or waived on the distribution date, the distribution date may be extended until the conditions are satisfied or waived. Additional details regarding the distribution can be found in the Form 10, available at www.sec.gov.
As previously announced, in connection with the separation transactions, Ralcorp has received $775 million and expects to receive an additional $125 million. Ralcorp has used or intends to use these proceeds to reduce debt, aggressively pursue private-brand acquisitions and pursue additional share repurchases under the company's remaining share repurchase authorization of approximately five million shares.
From the January 27, 2012, Prepared Foods' Daily News.