I copied & pasted this news story from the online version of my newspaper
this morning. It is short but complete and unedited:
http://www.azcentral.com/business/articles/0618icecream18.html
Nestle OKs stock buy of Dreyer's
Associated Press
June 18, 2002
In a sweet deal for shareholders, Nestle SA agreed Monday to take a
majority stake in Dreyer's Grand Ice Cream Inc. as part a $2.4 billion
transaction that would allow the Swiss conglomerate to eventually swallow
all of California-based Dreyer's.
The company, which analysts expect will have annual sales of about $1.5
billion, would compete at the same level as the Anglo-Dutch conglomerate
Unilever, whose brands include Ben & Jerry's, Good Humor and Breyers.
"Together, we'll be creating a dream team of the best people, brands,
innovation and distribution in the business," said T. Gary Rogers, Dreyer's
chief executive.
Pending shareholder and regulatory approval, Nestle will merge its U.S. ice
cream business, including the Haagen-Dazs brand, into Dreyer's, which makes
the bestselling packaged ice cream in the United States.
Nestle would receive 55 million newly issued Dreyer's shares, boosting its
stake to 67 percent from the current 23 percent.
Then, in 2006, Dreyer's shareholders could sell their stock to Nestle for
$83.
The following year, Nestle has the option of scooping up all outstanding
Dreyer's shares for $88 a share.
Dreyer's ice cream is marketed under the Dreyer's brand in the Western
United States and as Edy's elsewhere. The company, founded by William
Dreyer and Joseph Edy in 1928, invented Rocky Road ice cream in 1929.
More recently, Dreyer's has partnered with Starbucks Corp. to create
specialty coffee-flavored ice cream and with Godiva for chocolate flavors.
The deal is expected to close by the end of the year.
--30--
Does this mean Starbucks Corp and Godiva Chocolates are also on the list?
--- Phyllis Adamson, IBCLC
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