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Hilton shareholders approve reverse stock split

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Hilton shareholders approve reverse stock split

Hilton Worldwide Holdings Inc. shareholders voted to approve certain amendments to the company's certificate of incorporation regarding its proposed reverse stock split at a special meeting Oct. 4.

The amendments provide that the company will effect the split at a ratio chosen by its board from three alternatives, including a 1-for-2, 1-for-3 or 1-for-4 reverse split, which would reduce the number of authorized shares from 30.0 billion to 15.0 billion, 10.0 billion or 7.5 billion, respectively.

Hilton said earlier that it will have until Oct. 4, 2017, to effect a split at the ratio it determines best at the time if the measure is approved. The company noted that it expects its share price to decrease after the planned spinoffs of the bulk of its real estate business into a publicly traded REIT called Park Hotels & Resorts and its timeshare unit into a publicly traded company called Hilton Grand Vacations.