[8-K] Dillards Inc. Reports Material Event
Dillard's, Inc. has agreed to reincorporate from Delaware to Texas so the company will continue as a Texas corporation named "Dillard's, Inc." The move will not change the company's headquarters, management, offices, properties, employees, obligations, assets or net worth except for costs related to the reincorporation.
Each outstanding Class A and Class B share of the Delaware corporation will automatically convert 1-for-1 into the corresponding Texas corporation shares and stockholders will not need to exchange certificates. Trading will continue uninterrupted on the New York Stock Exchange under the symbol DDS. The Delaware references to 5% Cumulative Preferred Stock will be eliminated and those designated shares will be cancelled and not available for reissuance. Existing employment and benefit plans will continue under the Texas corporation on the same terms.
Dillard's, Inc. ha deciso di trasferire la propria reincorporazione dal Delaware al Texas: la societ脿 continuer脿 ad esistere come corporation del Texas denominata "Dillard's, Inc.". Tale operazione non modificher脿 la sede, la direzione, gli uffici, i beni immobili, i dipendenti, gli obblighi, gli attivi o il patrimonio netto, fatta eccezione per i costi connessi alla reincorporazione.
Ogni azione Classe A e Classe B in circolazione della corporation del Delaware sar脿 convertita automaticamente in rapporto 1:1 nelle corrispondenti azioni della corporation del Texas e gli azionisti non dovranno scambiare certificati. Le negoziazioni continueranno senza interruzioni alla New York Stock Exchange con il simbolo DDS. I riferimenti del Delaware alle azioni preferenziali cumulative al 5% saranno eliminati; tali azioni designate saranno annullate e non potranno essere riemesse. I piani occupazionali e i piani di benefit esistenti proseguiranno con la corporation texana alle medesime condizioni.
Dillard's, Inc. ha acordado reincorporarse desde Delaware a Texas, de modo que la compa帽铆a continuar谩 como una corporaci贸n de Texas llamada "Dillard's, Inc.". El cambio no afectar谩 la sede, la direcci贸n, las oficinas, los inmuebles, los empleados, las obligaciones, los activos ni el patrimonio neto de la empresa, salvo por los costes asociados a la reincorporaci贸n.
Cada acci贸n Clase A y Clase B en circulaci贸n de la corporaci贸n de Delaware se convertir谩 autom谩ticamente 1 a 1 en las correspondientes acciones de la corporaci贸n de Texas y los accionistas no necesitar谩n intercambiar certificados. Las operaciones de mercado seguir谩n sin interrupci贸n en la Bolsa de Nueva York bajo el s铆mbolo DDS. Las referencias del Delaware a las acciones preferentes acumulativas del 5% ser谩n eliminadas; dichas acciones designadas ser谩n canceladas y no estar谩n disponibles para una nueva emisi贸n. Los planes laborales y de beneficios vigentes continuar谩n bajo la corporaci贸n de Texas en las mismas condiciones.
Dillard's, Inc.電� 雿鸽澕鞗柎鞐愳劀 韰嶌偓鞀る 鞛矔鞚疙檾(reincorporation)頃橁赴搿� 頃╈潣頄堨溂氅�, 須岇偓電� "Dillard's, Inc."霛茧姅 鞚措鞚� 韰嶌偓鞀� 氩曥澑鞙茧 瓿勳啀 臁挫啀頃╇媹雼�. 鞚措矆 鞚挫爠鞙茧 氤胳偓鞚� 鞙勳箻, 瓴届榿歆�, 靷鞁�, 攵�霃欖偘, 歆侅洂, 鞚橂, 鞛愳偘 霕愲姅 靾滌瀽靷办棎電� 鞛矔鞚疙檾 甏�霠� 牍勳毄鞚� 鞝滌櫢頃橁碃 氤�瓴届澊 鞐嗢姷雼堧嫟.
雿鸽澕鞗柎 氩曥澑鞚� 氚滍枆 欷戩澑 臧� Class A 氚� Class B 欤检嫕鞚� 韰嶌偓鞀� 氩曥澑鞚� 頃措嫻 欤检嫕鞙茧 鞛愲彊鞙茧 1雽�1 牍勳湪搿� 鞝勴櫂霅橂┌, 欤检＜霌れ潃 歃濌秾鞚� 甑愴櫂頃� 頃勳殧臧� 鞐嗢姷雼堧嫟. 瓯半灅電� 雺挫殨歃濌秾瓯半灅靻岇棎靹� DDS 膦呺鞙茧 欷戨嫧 鞐嗢澊 瓿勳啀霅╇媹雼�. 雿鸽澕鞗柎鞐� 鞛堧崢 鞐� 5% 雸勳爜 鞖办劆欤检棎 雽�頃� 響滉赴電� 靷牅霅橂┌, 歆�鞝曤悳 頃措嫻 欤检嫕鞚� 靻岅皝霅橃柎 鞛皽頄夒悩歆� 鞎婌姷雼堧嫟. 旮办〈鞚� 瓿犾毄 氚� 氤惦Μ頉勳儩 鞝滊弰電� 霃欖澕頃� 臁瓣贝鞙茧 韰嶌偓鞀� 氩曥澑 鞎勲灅鞐愳劀 瓿勳啀 鞙犾霅╇媹雼�.
Dillard's, Inc. a convenu de se r茅incorporer du Delaware au Texas : la soci茅t茅 continuera d'exister en tant que corporation texane nomm茅e 芦 Dillard's, Inc. 禄. Ce changement n'affectera pas le si猫ge social, la direction, les bureaux, les propri茅t茅s, les employ茅s, les obligations, les actifs ou la valeur nette de la soci茅t茅, 脿 l'exception des frais li茅s 脿 la r茅incorporation.
Chaque action de Classe A et de Classe B en circulation de la soci茅t茅 du Delaware sera automatiquement convertie 脿 raison de 1 pour 1 en actions correspondantes de la soci茅t茅 texane ; les actionnaires n'auront pas besoin d'茅changer leurs certificats. Les n茅gociations se poursuivront sans interruption 脿 la Bourse de New York sous le symbole DDS. Les r茅f茅rences du Delaware aux actions privil茅gi茅es cumulatives 脿 5% seront supprim茅es : ces actions d茅sign茅es seront annul茅es et ne pourront pas 锚tre r茅茅mises. Les r茅gimes d'emploi et d'avantages existants continueront au sein de la corporation texane aux m锚mes conditions.
Dillard's, Inc. hat zugestimmt, die Reincorporation vom Bundesstaat Delaware nach Texas vorzunehmen; das Unternehmen wird weiterhin als texanische Corporation unter dem Namen "Dillard's, Inc." bestehen. Dieser Schritt 盲ndert nicht den Hauptsitz, das Management, die B眉ros, Immobilien, Mitarbeiter, Verpflichtungen, Verm枚genswerte oder das Nettoverm枚gen der Gesellschaft, abgesehen von den mit der Reincorporation verbundenen Kosten.
Jede ausstehende Class-A- und Class-B-Aktie der Delaware-Corporation wird automatisch im Verh盲ltnis 1:1 in die entsprechenden Aktien der Texas-Corporation umgewandelt; Aktion盲re m眉ssen keine Zertifikate austauschen. Der Handel l盲uft ununterbrochen an der New York Stock Exchange unter dem Symbol DDS weiter. Verweise auf die 5% kumulative Vorzugsaktie aus Delaware werden entfernt; diese bezeichneten Aktien werden annulliert und d眉rfen nicht erneut ausgegeben werden. Bestehende Arbeits- und Leistungspl盲ne werden unter der Texas-Corporation zu unver盲nderten Bedingungen fortgef眉hrt.
- Operational continuity preserved: headquarters, management, offices, employees and business operations will remain unchanged
- Seamless equity conversion: each Class A and Class B share converts 1-for-1 and holders need not exchange certificates
- No trading interruption: shares will continue trading on the NYSE under the symbol DDS
- Employee plans preserved: employment letters, benefit plans and incentive arrangements continue on the same terms under the Texas corporation
- Governing law change: company affairs will cease being governed by Delaware law and will instead be governed by Texas law
- Preferred shares cancelled: references to the 5% Cumulative Preferred Stock are eliminated and the designated shares are cancelled and not available for reissuance
Insights
TL;DR: Reincorporation shifts legal governance from Delaware to Texas while preserving operational continuity and equity treatment.
The filing describes a statutory domiciliary change that substitutes Texas law for Delaware law as the governing corporate regime. The company preserves economic and administrative continuity by converting shares on a 1-for-1 basis, maintaining ticker symbol continuity, and retaining existing employment and benefit arrangements. The cancellation of the designated 5% Cumulative Preferred Stock is a notable charter amendment affecting the capital structure. Overall, the change is structural and legal rather than operational; its practical investor impact depends on differences between Delaware and Texas corporate law in areas such as fiduciary duty frameworks and litigation precedents.
TL;DR: Transaction appears administratively focused with minimal operational disruption and straightforward equity conversion.
The company confirms automatic 1-for-1 conversion of Class A and Class B shares and that no certificate exchange or trading interruption is expected, which reduces transactional friction for shareholders. Employee plans and agreements transfer without modification of terms aside from the reference change to the Texas corporation. The explicit cancellation of the designated preferred shares modifies the chartered capital composition and removes those shares from potential future issuance, which is a discrete capital-structure change investors should note.
Dillard's, Inc. ha deciso di trasferire la propria reincorporazione dal Delaware al Texas: la societ脿 continuer脿 ad esistere come corporation del Texas denominata "Dillard's, Inc.". Tale operazione non modificher脿 la sede, la direzione, gli uffici, i beni immobili, i dipendenti, gli obblighi, gli attivi o il patrimonio netto, fatta eccezione per i costi connessi alla reincorporazione.
Ogni azione Classe A e Classe B in circolazione della corporation del Delaware sar脿 convertita automaticamente in rapporto 1:1 nelle corrispondenti azioni della corporation del Texas e gli azionisti non dovranno scambiare certificati. Le negoziazioni continueranno senza interruzioni alla New York Stock Exchange con il simbolo DDS. I riferimenti del Delaware alle azioni preferenziali cumulative al 5% saranno eliminati; tali azioni designate saranno annullate e non potranno essere riemesse. I piani occupazionali e i piani di benefit esistenti proseguiranno con la corporation texana alle medesime condizioni.
Dillard's, Inc. ha acordado reincorporarse desde Delaware a Texas, de modo que la compa帽铆a continuar谩 como una corporaci贸n de Texas llamada "Dillard's, Inc.". El cambio no afectar谩 la sede, la direcci贸n, las oficinas, los inmuebles, los empleados, las obligaciones, los activos ni el patrimonio neto de la empresa, salvo por los costes asociados a la reincorporaci贸n.
Cada acci贸n Clase A y Clase B en circulaci贸n de la corporaci贸n de Delaware se convertir谩 autom谩ticamente 1 a 1 en las correspondientes acciones de la corporaci贸n de Texas y los accionistas no necesitar谩n intercambiar certificados. Las operaciones de mercado seguir谩n sin interrupci贸n en la Bolsa de Nueva York bajo el s铆mbolo DDS. Las referencias del Delaware a las acciones preferentes acumulativas del 5% ser谩n eliminadas; dichas acciones designadas ser谩n canceladas y no estar谩n disponibles para una nueva emisi贸n. Los planes laborales y de beneficios vigentes continuar谩n bajo la corporaci贸n de Texas en las mismas condiciones.
Dillard's, Inc.電� 雿鸽澕鞗柎鞐愳劀 韰嶌偓鞀る 鞛矔鞚疙檾(reincorporation)頃橁赴搿� 頃╈潣頄堨溂氅�, 須岇偓電� "Dillard's, Inc."霛茧姅 鞚措鞚� 韰嶌偓鞀� 氩曥澑鞙茧 瓿勳啀 臁挫啀頃╇媹雼�. 鞚措矆 鞚挫爠鞙茧 氤胳偓鞚� 鞙勳箻, 瓴届榿歆�, 靷鞁�, 攵�霃欖偘, 歆侅洂, 鞚橂, 鞛愳偘 霕愲姅 靾滌瀽靷办棎電� 鞛矔鞚疙檾 甏�霠� 牍勳毄鞚� 鞝滌櫢頃橁碃 氤�瓴届澊 鞐嗢姷雼堧嫟.
雿鸽澕鞗柎 氩曥澑鞚� 氚滍枆 欷戩澑 臧� Class A 氚� Class B 欤检嫕鞚� 韰嶌偓鞀� 氩曥澑鞚� 頃措嫻 欤检嫕鞙茧 鞛愲彊鞙茧 1雽�1 牍勳湪搿� 鞝勴櫂霅橂┌, 欤检＜霌れ潃 歃濌秾鞚� 甑愴櫂頃� 頃勳殧臧� 鞐嗢姷雼堧嫟. 瓯半灅電� 雺挫殨歃濌秾瓯半灅靻岇棎靹� DDS 膦呺鞙茧 欷戨嫧 鞐嗢澊 瓿勳啀霅╇媹雼�. 雿鸽澕鞗柎鞐� 鞛堧崢 鞐� 5% 雸勳爜 鞖办劆欤检棎 雽�頃� 響滉赴電� 靷牅霅橂┌, 歆�鞝曤悳 頃措嫻 欤检嫕鞚� 靻岅皝霅橃柎 鞛皽頄夒悩歆� 鞎婌姷雼堧嫟. 旮办〈鞚� 瓿犾毄 氚� 氤惦Μ頉勳儩 鞝滊弰電� 霃欖澕頃� 臁瓣贝鞙茧 韰嶌偓鞀� 氩曥澑 鞎勲灅鞐愳劀 瓿勳啀 鞙犾霅╇媹雼�.
Dillard's, Inc. a convenu de se r茅incorporer du Delaware au Texas : la soci茅t茅 continuera d'exister en tant que corporation texane nomm茅e 芦 Dillard's, Inc. 禄. Ce changement n'affectera pas le si猫ge social, la direction, les bureaux, les propri茅t茅s, les employ茅s, les obligations, les actifs ou la valeur nette de la soci茅t茅, 脿 l'exception des frais li茅s 脿 la r茅incorporation.
Chaque action de Classe A et de Classe B en circulation de la soci茅t茅 du Delaware sera automatiquement convertie 脿 raison de 1 pour 1 en actions correspondantes de la soci茅t茅 texane ; les actionnaires n'auront pas besoin d'茅changer leurs certificats. Les n茅gociations se poursuivront sans interruption 脿 la Bourse de New York sous le symbole DDS. Les r茅f茅rences du Delaware aux actions privil茅gi茅es cumulatives 脿 5% seront supprim茅es : ces actions d茅sign茅es seront annul茅es et ne pourront pas 锚tre r茅茅mises. Les r茅gimes d'emploi et d'avantages existants continueront au sein de la corporation texane aux m锚mes conditions.
Dillard's, Inc. hat zugestimmt, die Reincorporation vom Bundesstaat Delaware nach Texas vorzunehmen; das Unternehmen wird weiterhin als texanische Corporation unter dem Namen "Dillard's, Inc." bestehen. Dieser Schritt 盲ndert nicht den Hauptsitz, das Management, die B眉ros, Immobilien, Mitarbeiter, Verpflichtungen, Verm枚genswerte oder das Nettoverm枚gen der Gesellschaft, abgesehen von den mit der Reincorporation verbundenen Kosten.
Jede ausstehende Class-A- und Class-B-Aktie der Delaware-Corporation wird automatisch im Verh盲ltnis 1:1 in die entsprechenden Aktien der Texas-Corporation umgewandelt; Aktion盲re m眉ssen keine Zertifikate austauschen. Der Handel l盲uft ununterbrochen an der New York Stock Exchange unter dem Symbol DDS weiter. Verweise auf die 5% kumulative Vorzugsaktie aus Delaware werden entfernt; diese bezeichneten Aktien werden annulliert und d眉rfen nicht erneut ausgegeben werden. Bestehende Arbeits- und Leistungspl盲ne werden unter der Texas-Corporation zu unver盲nderten Bedingungen fortgef眉hrt.
FAQ
What change is Dillard's (DDS) making to its state of incorporation?
Will Dillard's stockholders need to exchange their existing stock certificates after the reincorporation?
Will Dillard's trading be affected by the reincorporation?
What happens to Dillard's 5% Cumulative Preferred Stock under the new charter?
Do existing employment and benefit plans change because of the reincorporation?
