SEARS SPINS OFF DEAN WITTER, DISCOVER & CO.
CHICAGO, June 30 /PRNewswire/ -- Sears, Roebuck and Co. today spun off its 80 percent interest in Dean Witter, Discover & Co. through a special tax-free dividend to Sears common shareholders of record as of June 28, 1993. Sears will mail beginning July 12 its 136,175,000 shares of Dean Witter, Discover & Co. stock. Sears shareholders will receive .39031 of a Dean Witter, Discover & Co. share for every share of Sears common they own. Any fractional shares will be paid in cash. There were 348,891,844 Sears common shares outstanding on June 28. Sears also said that the common equivalent rate related to its Series A Mandatorily Exchangeable Preferred Shares, known as PERCS, has been adjusted to 1.3525 from 1.00. This common equivalent rate is the number of Sears common shares which will be mandatorily exchanged for one PERCS depositary receipt on April 1, 1995. Sears shareholders who have questions about the Dean Witter, Discover & Co. spin-off may call toll-free at 1-800-733-2307. -0- 6/30/93 /CONTACT: Perry Chlan, 312-875-7079, for Sears, Roebuck and Co./ (S)
CO: Sears, Roebuck and Co. ST: Illinois IN: REA SU:
LR -- NY049 -- 7187 06/30/93 13:00 EDT
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|Date:||Jun 30, 1993|
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