Finance History | 11 Wall Street — BDK Stopped and 1.275 New Shares Printed SWK
· 2010-3
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Finance History | 11 Wall Street — BDK Stopped and 1.275 New Shares Printed SWK
kevin
People treat Stanley Black and Decker as a New Britain tool house that always printed SWK after a finished New York book.
The March 2010 issuer was already listed. The letters belonged to The Stanley Works.
A Form 8-K records that the merger with The Black and Decker Corporation closed on 12 March 2010.
Each outstanding Black and Decker common share was converted into 1.275 shares of Stanley common stock, with cash paid in lieu of fractional shares.
Stanley holders kept their existing shares and owned about 50.5 percent of the combined company.
Black and Decker holders owned about 49.5 percent.
The same 8-K records that Black and Decker common stock, which had traded as BDK, ceased to be listed on the New York Stock Exchange.
Effective at the merger, Stanley changed its legal name to Stanley Black and Decker, Inc.
The tape kept the letters SWK.
The mechanism is an all-stock merger that retired one listed book and left the surviving ticker in place, not a cash initial public offering.
The present tape is still SWK on the New York Stock Exchange.
The pin is the Broad Street facade of the Exchange, where BDK stopped and SWK continued.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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