Barnes & Noble Board Approves Spin-Off Of Barnes & Noble Education

(RTTNews) - Barnes & Noble, Inc. (BKS) on Tuesday announced the timing and details regarding the spin-off of Barnes & Noble Education, Inc. from Barnes & Noble.

The Barnes & Noble board has approved the final distribution ratio and declared a pro rata dividend of the outstanding shares of Barnes & Noble Education common stock, which will result in the complete legal and structural separation of the two companies.

On the distribution date of August 2, Barnes & Noble stockholders of record on July 27, the record date for the distribution, will receive 0.632 shares of Barnes & Noble Education common stock for each share of Barnes & Noble common stock they hold on the record date.

Shares of Barnes & Noble common stock will continue to trade "regular way" on the New York Stock Exchange under the symbol "BKS" through the distribution date of August 2, and thereafter.

Barnes & Noble Education common stock is expected to begin trading on a "when-issued" basis on the NYSE under the symbol "BNED WI" beginning on July 23. On August 3, when-issued trading of Barnes & Noble Education common stock will end and "regular-way" trading under the symbol "BNED" will begin.

Contemporaneously with the approval of the spin-off, the Barnes & Noble board also approved a policy of paying dividends at an annual rate of $0.60 per share of the company, payable in four installments of $0.15 per share, with such quarterly dividends to be declared on a quarterly basis by the board.

In accordance with the dividend policy, the Barnes & Noble board has declared a dividend equal to $0.15 per share, payable on August 17 to stockholders of record on August 7.