Courtesy of Benzinga.
Horizon Bancorp (NASDAQ: HBNC) announced today that its Board of Directors has declared a three-for-two stock split to be effected in the form of a stock dividend on Horizon’s outstanding shares of common stock. Shareholders of record as of the close of business on November 28, 2011, the record date, will be entitled to receive an additional half share for each share of common stock held.
Shareholders will receive cash in lieu of any fractional share of common stock that they otherwise would have been entitled to receive in connection with the split, except that shareholders participating in Horizon’s Dividend Reinvestment and Stock Purchase Plan will have fractional shares of common stock credited to their accounts. The price paid for fractional shares will be based on the average closing price of a share of common stock as reported on the NASDAQ Global Market for the five trading days immediately prior to the record date. The additional shares are expected to be distributed to shareholders on December 9, 2011.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.