Fortive 5% mandatory convertibles to automatically convert on July 1

By Wendy Van Sickle

Columbus, Ohio, June 29 – Fortive Corp.’s 5% mandatory convertible preferred stock, series A, will automatically convert into shares of the company’s common stock on July 1, according to a news release.

The conversion rate for each share of preferred stock will be 14.0978 shares of Fortive’s common stock, with cash to be paid in lieu of fractional shares.

Holders of record at the close of business on June 15 will separately on July 1 receive a final quarterly cash dividend of $12.50 per share.

Fortive is an Everett, Wash.-based diversified industrial conglomerate.

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