Alexander & Baldwin Holdings, Inc., successor by merger to Alexander & Baldwin, Inc., announced that its board of directors has unanimously approved the separation of the company's transportation and land businesses into two publicly traded companies, subject to the satisfaction of certain customary conditions.
"With the major milestones relating to the completion of the separation now behind us, the board has unanimously approved the separation of Alexander & Baldwin's transportation and land businesses," said Walter A. Dods, Jr., chairman of Alexander & Baldwin Holdings, Inc. "The separation will enhance the creation of long-term shareholder value for each of these businesses by enabling both companies to focus on their respective strategies. "The board's actions reflect our confidence that this separation will create two strong, publicly traded companies for the State of Hawaii."
Following the separation, the transportation business (ocean transportation and logistics) will be operated under the name "Matson, Inc." ("Matson"), and will trade on the New York Stock Exchange under the ticker symbol "MATX." The land business (real estate and agriculture) will be operated under the name "Alexander & Baldwin, Inc." ("New A&B"), and will trade on the New York Stock Exchange under the ticker symbol "ALEX."
The company will complete the separation by distributing to all persons who are shareholders of record of the company as of 5:00 p.m., Eastern Daylight Time, on June 18, 2012 (the "Record Date"), one share of New A&B common stock for every one share of company stock owned as of the Record Date. 'The distribution will be effective at 4:00 p.m. Eastern Daylight Time, on June 29, 2012 (the "Distribution Date").' The first day of "regular way" trading of the stock of each separate company is expected to be Monday, July 2, 2012.