Record, Distribution Dates and Final Distribution Ratio Announced
JASPER, Ind.--(BUSINESS WIRE)--Oct. 6, 2014--
Kimball International, Inc. (NASDAQ: KBALB) (“Kimball International”),
today announced the timing and details regarding the spin-off of Kimball
Electronics, Inc. from Kimball International.
The Kimball International Board of Directors has approved the final
distribution ratio and declared a pro rata dividend of the outstanding
shares of Kimball Electronics, Inc. common stock, which will result in
the complete legal and structural separation of the two companies. The
distribution is subject to the satisfaction or waiver of certain
On the distribution date of October 31, 2014, Kimball International
shareholders of record as of 5:00 p.m., New York Time, October 22, 2014,
the record date for the distribution, will receive three (3) shares of
Kimball Electronics, Inc. common stock for every four (4) shares of
Kimball International Class A or Class B common stock they hold on the
Fractional shares of Kimball Electronics, Inc. common stock will not be
distributed to Kimball International shareholders. Instead, the
fractional shares of Kimball Electronics, Inc. common stock will be
aggregated and sold in the open market, with the net proceeds
distributed ratably in cash payments to the Kimball International
shareholders who would otherwise receive a fractional share of Kimball
Electronics, Inc. common stock.
No action or payment is required by Kimball International shareholders
to receive the shares of Kimball Electronics, Inc. common stock.
Shareholders who hold Kimball International common stock on the record
date will receive a book-entry account statement reflecting their
ownership of Kimball Electronics, Inc. common stock. Kimball
Electronics, Inc. will not issue paper stock certificates. An
Information Statement containing details regarding the distribution, tax
implications, business and management of Kimball Electronics, Inc.
following the spin-off, or a Notice of Internet Availability of
Information Statement Materials containing instructions on how to access
such Information Statement, will be mailed to Kimball International
shareholders prior to the distribution date.
Kimball International shareholders are urged to consult with their tax
and/or financial advisors with respect to the tax and investment
consequences, as applicable, of the spin-off.
About Kimball International:
Recognized with a reputation for excellence, Kimball International is
committed to a high performance culture that values personal and
organizational commitment to quality, reliability, value, speed, and
ethical behavior. Kimball employees know they are part of a corporate
culture that builds success for Customers while enabling employees to
share in the Company’s success through personal, professional and
Kimball International, Inc. (NASDAQ: KBALB) is a diversified global
manufacturer and marketer, providing a variety of products from its two
business segments: the Furniture segment and the Electronic
Manufacturing Services segment. The Furniture segment provides an
extensive and growing selection of furniture for the office and
hospitality industries, sold under the Company’s family of brand names:
Kimball Office, National Office Furniture, and Kimball Hospitality. The
Electronic Manufacturing Services segment provides engineering,
manufacturing, and supply chain services which utilize common production
and support capabilities to a variety of industries globally.
To learn more about Kimball International, Inc., visit the Company’s
website on the Internet at: www.kimball.com
“Kimball International … We Build Success!”
Source: Kimball International, Inc.
Dennis Gerber, 812-482-8619