Microsoft Corp.
Monday announced approval of a 2-for-1 split of its common shares by its
Board of Directors.
The split is subject to the approval of
Microsoft shareholders, who must authorize an amendment to the company’s
articles of incorporation to
add to the company’s authorized common stock. Upon approval, shareholders
will receive one additional common share for every share held on the record
date of March 12, 1999.
“Microsoft works to make our technologies broadly accessible to customers.
Similarly, we aim to make
our stock broadly accessible to individuals and this stock split should
help achieve that objective,” said
Gregory B. Maffei, chief financial officer. “We’re gratified that customers
find our products compelling and
innovative, and have rewarded the company and our shareholders with a
strong stock price.”
As of December 31, 1998, Microsoft had roughly 2.5 billion common shares
outstanding. Upon
completion of the split, the number will increase to approximately 5.0
billion. The additional shares will be
mailed or delivered on or about March 26, 1999 by the company’s transfer
agent, ChaseMellon
Shareholder Services L.L.C.
Today’s split marks the eighth time the common stock has split since the
company went
public March 13, 1986.