May 10, 2010 (FinancialWire) — The Andersons, Inc. (NASDAQ: ANDE ) said that its shareholders approved an increase in the number of authorized shares of common stock during the company's annual meeting on May 7.

The number of authorized shares of common stock, no par value, will increase by 17 million shares from 25 million to 42 million shares, according to The Andersons. The company's current one million shares of authorized preferred stock, no par value, remain unchanged.

The Andersons said it has no current plans to issue the additional common shares.

Immediately following the meeting, the company's board approved a third quarter 2010 cash dividend of9.0 cents, payable July 22 to shareholders of record on July 1.

Ohio-based The Andersons is a diversified company with interests in the grain, ethanol and plant nutrient sectors of U.S. agriculture, as well as in railcar leasing and repair, turf products production, and general merchandise retailing.

The company has operations across the United States, in Puerto Rico, and has rail equipment leasing interests in Canada and Mexico.

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