Printer Friendly

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
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 30, 1993
Words:197
Previous Article:PULITZER PUBLISHING COMPANY COMPLETES PURCHASE OF TELEVISION STATION WESH IN DAYTONA BEACH, FLA.
Next Article:DUFF & PHELPS REAFFIRMS RYDER SYSTEM RATINGS
Topics:


Related Articles
SEARS OFFERS CREDIT PASS-THROUGH CERTIFICATES
SEARS FILES REGISTRATION STATEMENT FOR CREDIT PASS-THROUGH CERTIFICATES
SEARS FILES REGISTRATION STATEMENT FOR PASS-THROUGH CERTIFICATES
SEARS CORPORATE ACTION TO ENHANCE VALUE, REDUCE DEBT
DEAN WITTER, DISCOVER $3 BILLION SHELF DEBT RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --
AMEX TO BEGIN TRADING OPTIONS ON GRAND CASINOS, INC. & DEAN WITTER, DISCOVER & CO.
DEAN WITTER, DISCOVER $250 MILLION 6.5 PERCENT DEBENTURES DUE 2005 RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --
SEARS SETS TERMS FOR SECURITIZATION
DEAN WITTER DISCOVER SENIOR DEBT RAISED TO 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
DEAN WITTER DISCOVER $300 MILLION EURO NOTES RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters