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Stock Market & Financial Investment News

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January 24, 2013
07:28 EDTHUBAHubbell Incorporated: Q4 hurt by uncertainty over U.S. elections, fiscal cliff
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August 24, 2015
07:04 EDTHUBAHubbell board authorizes repurchase of additional $250M of stock
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07:04 EDTHUBAHubbell to create single class of common stock
Hubbell Incorporated announced a plan to reclassify the Company's common stock to eliminate its existing two-class structure. The proposed reclassification has been approved by the Company's Board of Directors. In support of the plan to reclassify, Hubbell has entered into a definitive agreement providing for the proposed reclassification with Bessemer Trust Company, N.A., the trustee for the Louie E. Roche Trust and the Harvey Hubbell Trust, which collectively own 3,488,460 shares of the Company's Class A common stock, representing approximately 49% of Class A common stock outstanding. Under the terms of the proposed reclassification, holders of Class A common stock will receive a cash payment of $28.00 for each share of Class A common stock held, and each share of Class A common stock and each share of Class B common stock will be reclassified into one share of Common Stock of the Company. The aggregate cash consideration to be paid to holders of Class A common stock equates to approximately $200 million. Each share of Common Stock into which the Class A common stock and the Class B common stock will be reclassified in the proposed transaction will be entitled to one vote per share on all matters brought to the Company's shareholders. At the closing of the proposed reclassification, the holders of the Class A common stock will own approximately 12% of the then-outstanding Common Stock of the Company and the voting power of the former holders of Class B common stock will increase from approximately 26% to approximately 88% of the Common Stock. The proposed reclassification will reduce the aggregate voting power of the Louie E. Roche Trust and the Harvey Hubbell Trust from approximately 36% to 6%.

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