Berkshire Hathaway Inc. Board of Directors Approves 50-for-1 Split of Its Class B Common Stock
Business Wire- 11/3/2009 7:31:00 AM EST
Berkshire Hathaway Inc. Board of Directors Approves 50-for-1 Split of
Its Class B Common Stock
( BW)(NE-BERKSHIRE-HATHAWAY)(BRKABRKBBNI.NYSENYSENYSE) Berkshire Hathaway Inc. Board of Directors Approves 50-for-1 Split of
Its Class B Common Stock
Berkshire Hathaway Inc. (NYSE: BRK.A; BRK.B) today announced that its
Board of Directors approved a 50-for-1 split of its Class B Common
Stock. The stock split is subject to the approval of Berkshire’s
shareholders, who must approve an amendment to Berkshire’s certificate
of incorporation to increase Berkshire’s total number of authorized
shares of common stock, as well as the total number of authorized shares
of Class B Common Stock, in order to permit the consummation of this
split. Berkshire’s Class A Common Stock is not being split. Berkshire
has not yet set the date for the special meeting of its shareholders to
vote on the amendment to its certificate of incorporation, or the record
date for the stock split.
The great majority of the stock issued by Berkshire in the BNSF
acquisition announced today will be “A” shares. “B” shares, however,
will also be needed to accommodate holders of smaller amounts of BNSF
shares who opt for a share exchange rather than a cash payment.
By splitting Berkshire “B” shares 50-for-1, we can accommodate even the
smallest holdings of BNSF shares that elect a tax-free exchange.
Berkshire Hathaway and its subsidiaries engage in diverse business
activities including property and casualty insurance and reinsurance,
utilities and energy, finance, manufacturing, retailing and services.
Common stock of the company is listed on the New York Stock Exchange,
trading symbols BRK.A and BRK.B.
CONTACT:
Berkshire Hathaway Inc.
Marc D. Hamburg, 402-346-1400
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