What was the dollar value of the Kraft Spin-off? How was the value calculated?
The Kraft Spin-off was valued at approximately $46.1 billion based on the closing price on March 30, 2007, for Kraft of $31.66 per share and 1,455,000,000 Kraft shares distributed by Altria. The distribution of 88.9% of Kraft’s outstanding shares owned by Altria was made on March 30, 2007, to Altria’s shareholders of record as of 5:00 p.m. Eastern Time on March 16, 2007 (the Record Date). On the Distribution Date, Altria distributed 0.692024 of a share of Kraft stock for each share of Altria stock outstanding as of the Record Date, based on the number of Altria shares outstanding on that date. For amounts of less than one share, Altria’s shareholders received cash in lieu of a fractional share of Kraft. The Distribution Ratio of 0.692024 was determined on the Record Date.