Brown-Forman Corporation (NYSE:BF.B) announces an Equity Buyback for $1,000 million worth of its shares.
On May 26, 2016, the Board approved a 2:1 stock split, to be paid in the form of a stock dividend, for all outstanding shares of Class A and Class B common stock. Implementing the stock split is subject to the approval of an increase in the number of authorized shares of Class A common stock at the Annual Meeting of Shareholders, scheduled to be held on July 28, 2016. If approved, the company expects the new shares to be distributed on or about August 18, 2016, to the shareholders of record on or about August 8, 2016.
The split was approved by stockholders on July 28, 2016, and thereby increased the number of authorized shares of Class A common stock but did not change the number of authorized Class B common shares.