Hillenbrand Industries Announces Formal Board Approval of Separation
by Means of Share Distribution and Details for Completion
|Board sets record date of March 24, 2008
|Share distribution date set for March 31, 2008
|Shareholders vote approves Hillenbrand Industries name change to Hill-Rom Holdings,
Inc., at separation; recently created Batesville Holdings will be re-named Hillenbrand, Inc.,
|Ex-Distribution and When Issued Trading expected to commence March 19, 2008
BATESVILLE, Ind. March 17, 2008 Hillenbrand Industries, Inc. (NYSE: HB) announced today that
on March 14, 2008, its Board of Directors formally approved the previously announced tax-free
spin-off of Batesville Holdings, Inc., to be the post separation holding company for the Batesville
Casket funeral service business. The Board set a record date of March 24, 2008, and a distribution
date of March 31, 2008 for the distribution by Hillenbrand Industries to its shareholders of all
of the shares of Batesville Holdings.
In addition, Hillenbrand Industries shareholders approved, in a March 13, 2008, special meeting,
the change of Hillenbrand Industries, Inc.s name to Hill-Rom Holdings, Inc. at the time of the
separation. At the same time, Batesville Holdings, Inc. will change its name to Hillenbrand, Inc.
The new Hill-Rom Holdings will trade on the New York Stock Exchange (NYSE) under the ticker symbol
HRC. The new Hillenbrand, Inc. will trade on the NYSE under the symbol HI.
After the close of business on the distribution date, shareholders of Hillenbrand Industries, Inc.
at the close of business on the record date will receive one share of the new Hillenbrand, Inc.
(Batesville Holdings) common stock for each share of Hillenbrand Industries common stock
held by them on the record date. No action is required of Hillenbrand Industries shareholders to
receive their shares in new Hillenbrand, Inc. Promptly following the record date, an information
statement describing the business and management of Hillenbrand, Inc. (Batesville Holdings) and
details regarding the distribution will be mailed to Hillenbrand Industries shareholders as of the
We are pleased to be completing these final steps toward the separation, said Peter H. Soderberg,
president and CEO of Hillenbrand Industries and Hill-Rom. Our Board and our management believe
that separation of the two companies is the best way to unlock value and allow each company to
focus on accelerating growth in their respective industries.
Ex-Distribution and When Issued public market announced
Hillenbrand Industries and Batesville Holdings have been advised that an ex-distribution public
market for Hill-Rom Holdings common stock and a when issued public market for Hillenbrand,
Inc. common stock will begin March 19, 2008, on the NYSE and continue through
the distribution date. Shares of Hill-Rom Holdings
common stock that trade in the ex-distribution market will trade without an entitlement to
receive shares of Hillenbrand, Inc. (Batesville Holdings) common stock in the distribution.
Hillenbrand Industries common stock will remain outstanding and will continue to trade regular
way on the NYSE under the symbol HB until end of day March 31, 2008.
Beginning on April 1, 2008, and in connection with Hillenbrand Industries name change to Hill-Rom
Holdings, Hillenbrand Industries will change its trading symbol from HB to HRC.
Any holder of Hillenbrand Industries common stock who sells shares of Hillenbrand Industries in the
regular way market on or before the distribution date will also be selling the right to receive
shares of Hillenbrand, Inc. (Batesville Holdings) common stock in the spin-off. Holders of
Hillenbrand Industries common stock are encouraged to consult with their financial advisors
regarding the specific implications of selling their common stock on or before the distribution
Currently, there is no public market for Hillenbrand, Inc. (Batesville Holdings) common stock.
Hillenbrand Inc. common stock has been approved for listing on the NYSE under the symbol HI. The
company anticipates that trading in Hillenbrand, Inc. common stock will commence on a when issued
basis March 19, 2008. Trading on a when issued basis means that
investors may purchase and sell shares of Hillenbrand, Inc. common stock up to and through the
distribution date, but these transactions will not settle until after the distribution date.
On the first trading day following the distribution date, when issued trading will end and
regular way trading will begin for Hillenbrand, Inc. common stock. Neither Hillenbrand Industries
(Hill-Rom Holdings) nor Batesville Holdings (Hillenbrand, Inc.) can predict the trading price for their common stock before or following
As previously announced, the separation remains subject to favorable market conditions,
effectiveness of the Form 10 registration statement with the SEC, completion of necessary debt
refinancing and other customary conditions. As previously disclosed, the company has already
received a favorable tax ruling from the U.S. Internal Revenue Service (IRS). The Form 10 is
expected to be declared effective later in the day on March 17, 2008.
The information statement is available on the SEC website at www.sec.gov and also can be viewed on
the Hillenbrand website at www.hillenbrand.com.
ABOUT HILLENBRAND INDUSTRIES, INC.
Hillenbrand Industries is organized into two operating companies serving the health care and
funeral services industries.
Hill-Rom is a leading worldwide manufacturer and provider of medical technologies and related
services for the health care industry, including patient support systems, non-invasive therapeutic
products for a variety of acute and chronic medical conditions, medical equipment rentals, and
information technology solutions. Hill-Roms comprehensive product and service offerings are used
by health care providers across the health care continuum in hospitals, extended care facilities
and home care settings to enhance the safety and quality of patient care.
Hill-Rom...enhancing outcomes for patients and their caregivers.
Batesville Casket Company is a leader in the North American death care industry through the sale of
funeral services products, including burial caskets, cremation caskets, containers and urns,
selection room display fixturing and other personalization and memorialization products.
Batesville Casket Company...helping families honor the lives of those they love.