September 16, 2008 - J.M. Smucker Co. said that it will pay a special dividend of $5 per share connected to its buyout of Folgers coffee.
Smucker said the payment is related to its purchase of the Folgers Coffee Co. from Procter & Gamble Co. The all-stock deal announced in June is worth $2.95 billion.
The company said that the one-time dividend will be payable on Oct. 31 to all shareholders of record as of September 30.
The deal, which is expected to boost Smucker's earnings, is expected to close in the fourth quarter. Shares of Smucker fell $1.03, or 2 percent, to $51.31.