Danone To Acquire YoCream
A Danone subsidiary will merge with YoCream, with each outstanding share of YoCream common stock converted into rights to receive approximately $39.82 per share in cash, representing a YoCream enterprise value of approximately $103 million. The per-share purchase price represents a premium of 38.5% over YoCream's 60-day volume weighted average stock price, according to YoCream.
YoCream's board of directors has unanimously approved the merger, and the companies expect shareholder passage and closing of the transaction before Dec. 28, 2010, according to the announcement.
John Hanna is to remain CEO and a director of YoCream following the merger, and the company's senior management team will also stay in place, YoCream reports.
Founded in 1977, YoCream has become a world leader in the frozen yogurt category. It markets more than 110 flavors of frozen yogurt, ice cream, frozen custard, sorbet, smoothies, frozen carbonated beverages, slushed and frozen drink mixes under the YoCream brand, as well as flavors under Hershey's and Rockstar brands.
The products are sold in convenience stores, restaurants, grocery chains, frozen yogurt shops and foodservice locations in the U.S. and in 17 foreign countries (non-U.S. sales represented approximately 4% of the company's net sales in 2010).
Danone, a Fortune 500 company, currently has a presence in more than 120 countries, with 160 plants and about 80,000 employees. In 2009, Danone recorded euro 15 billion in sales.