LIMITED, IBI PLAN STOCK SPLITS
NEW YORK — The Limited and Intimate Brands Inc. Tuesday both issued plans for 2-for-1 stock splits.
Holders of Limited’s shares and IBI’s class A and B common stock on May 30 will receive one additional share for each share owned as of May 12. Limited currently has approximately 216 million shares outstanding and IBI, of which Limited owns 84 percent, 249 million.
The split is the 12th in Limited’s history and the first for IBI since its initial public offering in October 1995.
IBI’s board also authorized a stock repurchase under which the company would buy back up to $200 million of its own stock in open-market purchases or private transactions. Purchases would be made on a proportionate basis from both Limited and IBI’s public shareholders.
IBI had previously repurchased a total of 17.7 million of its shares in buybacks in 1998 and 1999.
Limited closed down 9/16 Tuesday at 48 1/16 while IBI was up 5/8 to 42 5/16.