Dreyer's targets $270M B&J? - Apr. 7, 2000

News > Deals

Dreyer's hunts $270M B&J?

April 7, 2000: 3:44 a.m. ET

Report: No.1 U.S. ice cream maker seeks second scoop at Ben & Jerry's

LONDON (CNNfn) - Dreyer's Grand Ice Cream has raised its takeover bid for Ben & Jerry's Homemade, its esoteric premium-brand rival, according to a report published Friday.
    The largest U.S. ice cream maker is offering between $35 and $38 a share for Vermont-based B&J, which is being pursued by a number of industry rivals as well as a group led by its co-founder, Ben Cohen.
    The offer would value Ben & Jerry's at up to $270 million, and tops a $31 per share offer which, according the Wall Street Journal, California-based Dreyer's made at the end of last year.

The B&J board is already considering a $38 a share cash offer from Cohen, launched in a bid to take the company private and preserve its commitment to social goals and its alternative-lifestyle flavor.
Dreyer's will only pursue its offer on an agreed basis, said the Journal.
Ben & Jerry's (BJICA: Research, Estimates) shares closed up 7/16 at 32-9/16 Thursday. Dreyer's (DRYR: Research, Estimates) ended the session at 26-1/8, a gain of 1/2.

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