On Wednesday, Dean Foods (NYSE:DF) announced that it will separate its remaining holdings of WhiteWave (NYSE:WWAV) shares.
WhiteWave held its initial public offering last year, but Dean Foods retained a majority stake in the dairy products maker. In May, Dean shareholders will receive 0.256 shares of WhiteWave Class A stock and 0.346 shares of WhiteWave Class B stock for every Dean share they hold, the Denver Business Journal noted.
Dean Foods produces Pet, Garelick Farms and Meadow Gold milk brands. WhiteWave’s dairy brands include International Delight, Horizon Organic and Silk soy milk.
Dean Foods’ chairman Gregg Engles, who also serves as WhiteWave’s chairman and CEO, has left Dean Foods to focus on steering WhiteWave. Additionally, three other members of Dean Foods’ board of directors who also served on WhiteWave’s board have departed Dean Foods’ board.
Last year, shares of Dean Foods surged after it announced plans to spin-off a minority stake in WhiteWave.
Shares of both Dean Foods and WhiteWave climbed more than 1% in Friday morning trading.