Dean Foods (NYSE:DF) announced last week the closing of the public offering of 34.4 million shares of Class A common stock of WhiteWave Foods (NYSE:WWAV), an entity that has been spun-off from Dean Foods recently. Following the closing of the offering, Dean Foods completes the separation of WhiteWave and no longer holds any shares of WhiteWave common stock.
The offering was structured as a tax-free transaction and resulted in close to $589 million of net proceeds to Dean Foods. Recently the company sold its Morningstar business also. With the spin-off of WhiteWave and the sale of Morningstar, Dean Foods substantially de-leveraged its balance sheet. Right now the company is focusing on cost-reduction to boost bottom line.
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