November 22, 2022 | Bill Esler
Deerfield, IL—Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading home and security products company, announced that on November 21, 2022, its Board of Directors approved the previously announced separation of its cabinets business, MasterBrand, Inc. (“MasterBrand Cabinets”), via a tax-free spin-off.
The separation is expected to be complete on Wednesday, December 14, 2022, and will be achieved through the distribution of all outstanding shares of MasterBrand common stock to Fortune Brands common stockholders of record as of 5:00 PM, Central Time, on Friday, December 2, 2022. The distribution of MasterBrand’s shares is expected to be completed after the market close on Wednesday, December 14, 2022, with Fortune Brands common stockholders receiving one share of MasterBrand’s common stock for every share of Fortune Brands’ common stock held on the record date.
Fortune Brands expects that a “when-issued” public trading market for MasterBrand’s common stock will commence on or about Friday, December 9, 2022, and to continue up to and including the distribution date on Wednesday, December 14, 2022, under ticker symbol “MBC WI”. Fortune Brands also anticipates that “regular-way” trading of MasterBrand’s common stock will begin on Thursday, December 15, 2022, under the ticker symbol “MBC”, the first trading day following the distribution date.
Beginning on or about December 9, 2022 and continuing until and including the distribution date, there will be two ways to trade Fortune Brands common stock – either with or without the distribution of MasterBrand’s common stock. Fortune Brands stockholders who sell their shares of Fortune Brands common stock in the “regular-way” market after the record date and up to and including the distribution date will be selling their right to receive shares of MasterBrand in connection with the separation. Fortune Brands stockholders who sell their shares of Fortune Brands common stock in the “ex-distribution” market, under ticker symbol “FBIN WI”, beginning on or about December 9, 2022, and continuing until and including the distribution date will not be selling their right to receive shares of MasterBrand’s common stock in connection with the separation. Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling shares of Fortune Brands common stock on or before the distribution date. As previously announced, following the distribution date, Fortune Brands intends to change its name to Fortune Brands Innovations, Inc. and its ticker symbol to “FBIN.”
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