Broomfield, CO—Ending a process that began in late 2012 with an IPO that raised $368 million, WhiteWave Foods Company has finished its spin-off from parent company Dean Foods. WhiteWave is itself owner of the brands Silk Soymilk, Horizon Organic, International Delight and Alpro, among others.
To complete the process, Dean Foods awarded its stockholders the remaining stock equity it had in WhiteWave Foods. In a reduction of voting rights, holders of Class B common stock in WhiteWave will now be entitled to 10 votes per share toward the election and removal of WhiteWave directors and one vote with respect to all other matters submitted to stockholders. Dean Foods still holds about 20% equity in WhiteWave’s, which it plans to dispose of within 18 months.
Gregg Engles, WhiteWave chairman and CEO, said, “The spin-off will provide WhiteWave with greater flexibility to build its portfolio of great-tasting, nutritious and responsibly-produced products. We look forward to our future as an independent company with a clear strategy, a leading portfolio of trusted brands and a culture of continuous innovation.”
Published in WholeFoods Magazine, July 2013