CoolBrands International, Inc. (formerly Yogen Fruz World-Wide, Incorporated) (TSE:YFa.) and Eskimo Pie Corporation (Nasdaq:EPIE) announced today that the closing of the previously announced merger is scheduled to take place on October 6, 2000.
The merger agreement, which was signed on May 3, 2000, was approved by Eskimo Pie shareholders at its September 6, 2000 Special Meeting of Shareholders.
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Under the merger agreement, Eskimo Pie Corporation shareholders will receive $10.25 cash per share. Instructions for submitting share certificates for payment, will be mailed to shareholders by CoolBrands, within three business days following the closing of the merger.
David Stein, President and Co-CEO of CoolBrands, stated “The merger makes CoolBrands’ one of the leading marketers of frozen dessert products in every distribution channel and enhances the competitive strength of the major national brands we market.” David Kewer, President and Chairman of Eskimo Pie said, “I am extremely proud of our employees, management and board for their efforts in executing the successful financial turnaround of the Company and in structuring the strategic merger with CoolBrands.”
CoolBrands International, Inc. markets a broad range of frozen novelties and frozen dessert products under the Tropicana, Betty Crocker, Trix, Yoplait, Colombo, Lucky Charms, and Yoo Hoo brand names, pursuant to long-term licensing agreements. In addition, CoolBrands franchises and licenses outlets operated under a Family of Brands including Yogen Fruz, I Can’t Believe It’s Yogurt, Bresler’s Ice Cream and Premium Frozen Yogurt, Swensen’s Ice Cream, Golden Swirl, Paradise, Ice Cream Churn, and Java Coast Fine Coffees, with company-owned, franchised and non-traditional partnership locations in 82 countries as of May 31, 2000.
Eskimo Pie Corporation, headquartered in Richmond, Virginia, created the frozen novelty industry in 1921 with the invention of the Eskimo Pie ice cream bar. Today, the Company markets a broad range of frozen novelties, ice cream and sorbet products under the Eskimo Pie, Real Fruit, Welch’s Weight Watchers, Smart Ones, Snackwell’s and OREO brand names. These nationally branded products are generally manufactured by a select group of licensed dairies who purchase the necessary flavors, ingredients and packaging directly from the Company. Eskimo Pie Foodservice is a leading supplier of premium soft serve ice cream, frozen yogurt, custard and smoothies to the foodservice industry. The Company also sells a full line of quality flavors and ingredients for use in private label dairy products in addition to the brands it licenses.
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