Jefferies Financial Group is planning to spin off a 15.4% stake in Spectrum Brands Holdings.
As part of the plan,the investment bank would issue a dividend to its shareholders of 7.5 million Spectrum Brands shares. That would represent one share of Spectrum Brands for each 40 shares of Jefferies held. The dividend is payable Oct. 11 to Jefferies holders of record Sept. 30.
Spectrum Brands is the owner of several consumer goods brands, such as Black Flag pesticides, Pfister kitchen and bathroom appliances, Kwikset and Weiser locks and security equipment, and, in Europe, Iams and Eukanuba pet-care products.