American Home Products Corporation's Board of Directors Approves Common Stock Split and Declares Preferred Stock Dividend
MADISON, N.J., March 5 /PRNewswire/ -- John R. Stafford, Chairman, President and Chief Executive Officer of American Home Products Corporation (NYSE: AHP - news), announced that at its meeting held today, the Board of Directors approved a two-for-one split of the Company's Common Stock to be effected in the form of a 100-percent stock dividend. The stock split is subject to stockholder approval of an increase in the number of authorized shares of Common Stock from 1,200,000,000 to 2,400,000,000 at the Company's annual meeting to be held on April 23, 1998. If the required stockholder approval is secured, it is expected that the additional shares will be issued on or about May 5, 1998 and that the record date for stockholders entitled to receive such shares will be the close of business on April 24, 1998.
The Board of Directors also declared a dividend of fifty cents ($.50) per share on the outstanding shares of Preferred Stock of this Company payable on April 1, 1998, to stockholders of record at the close of business on March 16, 1998.
SOURCE: American Home Products Corporation |
