Smucker to pay special $5-per-share dividend

By Lisa Kerner

Charlotte, N.C., Sept. 15 - J.M. Smucker Co. announced a special $5 dividend per common share payable on Oct. 31 to all shareholders of record at the close of business on Sept. 30.

The one-time special dividend is being made in connection with the merger of Folgers Coffee Co. into Smucker, a Smucker news release said.

On June 4, Proctor & Gamble Co., a Cincinnati branded consumer goods company, said it will merge its Folgers coffee business into Smucker in an all-stock reverse Morris Trust transaction valued at approximately $3.3 billion, including $350 million of Folgers' debt.

Smucker shareholders will vote on the issuance of Smucker shares in connection with the proposed merger at a special meeting Oct. 16.

The transaction is expected to close in the fourth quarter of 2008, Smucker said.

Smucker manufactures fruit spreads, peanut butter, shortening and oils, ice cream toppings, sweetened condensed milk and health and natural foods beverages in North America. The company is based in Orrville, Ohio.

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