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Splits and Spinoffs

Splits

Ford Motor Company was founded by Henry Ford and incorporated in Michigan on June 16, 1903. The corporation’s common stock was entirely owned by Henry Ford and a small group of local investors. In 1919, Henry Ford bought out all of these investors and reincorporated the company in the State of Delaware. From 1919 to 1956, all stock in the company was owned by members of the Ford Family, the Edison Institute and the Ford Foundation.

First offered to the public on January 18, 1956, when the Ford Foundation began to sell its stock in the company. The price was $64.50 per share.

The stock first traded on the New York Stock Exchange on March 7, 1956. The stock “split” six times since it was issued. The splits and their payment dates, which appear on the actual certificates, were:

2 for 1

May 31, 1962

5 for 4

May 24, 1977

3 for 2

December 1, 1983

3 for 2

June 2, 1986

2 for 1

January 12, 1988

2 for 1

July 5, 1994

The Value Enhancement Plan (VEP) was implemented on August 2, 2000. Under the VEP, Ford shareholders exchanged each of their old Ford common or Class B shares for one new Ford common or Class B share, as the case may be, plus either $20 in cash (Option 1), 0.748 additional new Ford common shares (Option 2), or a combination of $5.17 in cash and 0.555 additional new Ford common shares (Option 3). These amounts were based on the volume weighted average price of Ford stock of $46.7317 for the period July 24-28.

Spinoffs

Ford Motor Company has spun-off to Common and Class B shareholders its holdings in two former subsidiaries:

The Associates First Capital Corporation [NYSE:AFS]

  • Spun-off on April 7, 1998 to holders of record on March 12, 1998.
  • Shareholders received .262085 shares of The Associates stock for each share of Ford Motor Company Common or Class B stock.
  • Ford shareholders were instructed to allocate 33.59% of their basis in Ford Common and Class B stock to The Associates stock they received.
  • The remaining 66.41% of their basis remained with their Ford Common or Class B stock.

Visteon Corporation [NYSE: VC]

  • Spun-off on June 28, 2000 to holders of record on June 12, 2000.
  • Shareholders received .130933 shares of Visteon stock for each share of Ford Motor Company Common or Class B stock.
  • Ford shareholders were instructed to allocate 3.93% of their adjusted basis in Ford Common and Class B stock to the Visteon stock they received.
  • The remaining 96.07% of their adjusted basis remained with their Ford Common or Class B stock.