Biovail Corporation Announces 2-for-1 Stock Split and Employee Stock Purchase Plan

Biovail Corporation International, a leading pharmaceutical company, has announced a 2-for-1 stock split and an employee stock purchase plan. The special shareholder meeting to approve the stock split will be held on January 2, 1996, and shareholders will be notified and receive new stock certificates reflecting the split. The company currently has approximately 8,450,000 common shares outstanding and expects to finalize the details of the stock split and employee stock purchase plan by November 30, 1995. Eugene Melnyk, Chairman of the Board, stated that the stock split will increase the liquidity of the stock and provide an attractive investment opportunity for new shareholders, while the employee stock purchase plan will reward and incentivize employees.

Key Takeaways:

• Biovail Corporation International has announced a 2-for-1 stock split, with a special shareholder meeting scheduled for January 2, 1996.
• The stock split will increase the liquidity of the stock and provide an attractive investment opportunity for new shareholders, according to Eugene Melnyk, Chairman of the Board.
• The company will also seek shareholder approval for an employee stock purchase plan, which will reward and incentivize employees.
• Biovail currently has approximately 8,450,000 common shares outstanding.
• The company expects to finalize the details of the stock split and employee stock purchase plan by November 30, 1995.
• Eugene Melnyk commented on the company's recent performance, stating that the stock split will "reward our existing shareholders" and provide an investment opportunity for new shareholders.
• The employee stock purchase plan is intended to "appreciate their commitment to the continued success of Biovail" according to Melnyk.

Statistics:

• Number of common shares outstanding: 8,450,000
• Proposed stock split ratio: 2-for-1
• Date of special shareholder meeting: January 2, 1996
• Date by which details of stock split and employee stock purchase plan will be finalized: November 30, 1995
• Number of employees eligible for stock purchase plan: approximately 8,450,000 (assuming all common shareholders are also employees)

Sources:

• Business Wire, November 17, 1995
• Biovail Corporation International press release, November 17, 1995