Smucker to pay special $5 dividend on Folgers deal

By Associated Press
September 15, 2008 | Comments (0)

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Jams and jellies maker J.M. Smucker Co. said Monday it will pay a special dividend of $5 per share connected to its buyout of Folgers coffee.

The one-time dividend will be payable on Oct. 31 to all shareholders of record as of Sept. 30, the company said.

Smucker said the payment is related to its purchase of the Folgers Coffee Co. from Procter & Gamble Co. The all-stock deal announced in June is worth $2.95 billion.

The company said the payment is a "clear indication of the strength of the combined business."

The deal, which is expected to boost Smucker's earnings, is expected to close in the fourth quarter.

Shares of Smucker fell $1.03, or 2 percent, to $51.31.

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