J.M. Smucker shareholders to vote on Folgers merger at Oct. 16 meeting

By Lisa Kerner

Charlotte, N.C., Aug. 28 - The J.M. Smucker Co. will ask its shareholders to approve the issuance of Smucker shares in the proposed merger with the Folgers Coffee Co. at special meeting Oct. 16.

Record date for the meeting is Sept. 8.

Shareholders will also be asked to approve the adoption of amended articles of incorporation in connection with the merger, a Smucker news release said.

On June 4, Proctor & Gamble Co. announced 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.

According to Procter & Gamble, a Cincinnati branded consumer goods company, the Folgers separation will occur via a split-off. The transaction structure will be finalized in early fall, the company 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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