The separation of Barnes & Noble Education from Barnes & Noble Inc. is expected to be completed August 3, according to information released by Barnes & Noble, Inc.
As part of the spinoff, B&N stockholders will receive 0.632 shares of B&NE stock for each share they own.B&NE will trade under the stock symbol BNED on the New York Stock Exchange.
B&N first announced plans to spinoff its college group--since renamed B&N Education--in February. The move came as something of a surprise as the company had been expected to carve out its Nook division. B&N executives came to believe, however, the separating the college business from its other assets will "allow each business to optimize its strategic opportunities." The benefits, the company continued, "will also allow investors to assess each business more clearly as a stand-alone company."
Following the spinoff, B&N announced that it would begin issuing dividends to its shareholders at an annual rate of 60 cents per share. When the separation of the education group is completed, B&N will be comprised of its retail trade stores and the remaining Nook assets.
