Altria stock spun-off Philip Morris International and I own options prior to split, can I...?
...exercise my stock options?
I own Altria options (MO) and the stock spun-off Philip Morris International. If I exercise my Altria stock options, will I get pro-rated shares of both Altria (MO) and the new Philip Morris International (PM)
- 10 years agoFavorite Answer
For information about changes to your stock option grant prices please contact UBS at 1-800-315-5250.
The Board of Directors of Altria Group, Inc. voted on January 31, 2007, to authorize the Spin-off of all shares of Kraft Foods Inc. owned by Altria to Altria's shareholders. The distribution of the approximately 88.9% of Kraft's outstanding shares owned by Altria was made on March 30, 2007, to Altria shareholders of record as of 5:00 p.m. Eastern Time on March 16, 2007 (the Record Date).
These frequently asked questions are designed to address your questions relating to this transaction. Additional Frequently Asked Questions are also available on Altria’s website
Q. Now that the Spin-off has occurred, how will I find out how the grant prices of my Altria stock options were adjusted and the price of my new Kraft options established?
A. For information about changes to your stock option grant prices please contact UBS at 1-800-315-5250.
I cannot locate a similar page for PMI
- Anonymous10 years ago
Yes is the short answer, but I am also questioning the details in what you have asked. Are you sure that your MO options didn't expire (most have an expiration date) and that they are in the money on both a pre and post split price (if your option granted you the right to MO at $83 or less, you might have a point. OTOH if it was more than $85, your options are probably worthless).
Employee options, like publicly exchanged options, generally "transfer" all vested rights in corporate actions unless otherwise specified in the action itself.
(Disclosure: I own MO, PM, and KFT)
- SLv 410 years ago
If these are company employee stock options, you should point your question to the company's stock administrator. This happened a few years ago and if MO holders got prorated MO and PM, then company employee stock option holders should also when they exercise them. I am really surprised that you did not get any correspondence from the company about this corporate action.
- Anonymous4 years ago
Ask Jim Cramer.
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- Grandpa SharkLv 610 years ago
love my MO stock