Exhibit 99.1
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[Dreyer's Logo]
FTC CLEARS DREYER'S / NESTLE TRANSACTION
Dreyer's Grand Ice Cream to Combine with Nestle's U.S. Frozen Dessert Business.
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(OAKLAND, Calif. - June 25, 2003) - Dreyer's Grand Ice Cream, Inc. (Dreyer's)
(NNM: DRYR) announced today that the Federal Trade Commission (FTC) has cleared
the transaction to combine Dreyer's and the Nestle Ice Cream Company (NICC),
which holds Nestle's U.S. frozen dessert business. Dreyer's is acquiring
Nestle's U.S. frozen dessert business for approximately 55 million shares of
Class B Common Stock of Dreyer's Grand Ice Cream Holdings, Inc. (Dreyer's
Holdings), a newly formed company that will own both Dreyer's and Nestle's U.S.
frozen dessert businesses once the transaction has closed. The transaction is
expected to close after the close of trading on June 26, 2003. When completed,
Nestle will own approximately 67% of Dreyer's Holdings stock on a diluted basis.
Dreyer's Holdings will be a publicly traded company with stock listed for
quotation on Nasdaq National Market under Dreyer's existing "DRYR" symbol.
"For 75 years, Dreyer's Grand Ice Cream has been creating and delivering some of
the country's most outstanding ice creams," said T. Gary Rogers, Dreyer's
chairman and CEO. "Our combination with Nestle's U.S. ice cream business builds
on this tradition by bringing together the most knowledgeable and creative ice
cream experts in the business. We will have more than a dozen favorite ice cream
and frozen dessert brands including Nestle, Haagen-Dazs, Dreyer's and Edy's
Grand and Grand Light, Drumstick, Dole, and Starbucks, bringing innovation to
ice cream aisles and smiles to ice cream lovers across the country."
Conditions of the consent agreement with the FTC which permit the deal to close
include Dreyer's selling its Dreamery and Whole Fruit Sorbet brands as well as
assigning its license to the Godiva brand to Integrated Brands, Inc., a
subsidiary of CoolBrands International (TSX: COB.A) (CoolBrands). NICC will also
sell most of its distribution operations in the U.S. to CoolBrands. Dreyer's and
Masterfoods USA (formerly M&M/Mars) are terminating their ice cream joint
venture by the end of 2003, and Unilever has the right to terminate its Ben &
Jerry's distribution relationship with Dreyer's at the end of the year.
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Dreyer's manufactures and distributes a full spectrum of ice cream and frozen
dessert products. The company's products are marketed under the Dreyer's brand
name throughout the western states and Texas, and under the Edy's(R) name
throughout the remainder of the United States. Dreyer's (together with Edy's) is
the best selling brand of packaged ice cream in the country. Internationally,
the Dreyer's brand extends to select markets in the Far East and the Edy's brand
to the Caribbean and South America. Brands currently manufactured and
distributed by Dreyer's include Grand, Grand Light(R), Homemade, Dreamery(R),
Whole Fruit(TM) Sorbet, M&M/Mars, Starbucks(R), Godiva(R) and Healthy Choice(R).
For more information on the company, please visit www.dreyersinc.com.
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Edy's, the Dreyer's and Edy's logo design, Dreamery, Grand Light, Homemade,
Whole Fruit, are all trademarks or tradenames of Dreyer's Grand Ice Cream, Inc.
All other trademarks and tradenames are owned by their respective companies. (C)
2003 by Dreyer's Grand Ice Cream, Inc. All rights reserved.
Forward-Looking Statements
Certain statements contained in this press release are forward-looking
statements made pursuant to the Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown risks and
uncertainties at the time such statements are made which may cause the company's
actual actions or results to differ materially from those contained in the
forward-looking statements. Specific factors that might cause such a difference
include, but are not limited to, the following: the company's ability to achieve
efficiencies in its manufacturing and distribution operations without negatively
affecting sales; the cost of energy used in manufacturing and distribution; the
cost of dairy raw materials and other commodities used in the company's
products; competitors' marketing and promotion responses; market conditions
affecting the prices of the company's products; the company's ability to
increase sales of its own branded products; and responsiveness of both the trade
and consumers to the company's new products and marketing and promotional
programs. No assurances can be made that a strategic alliance transaction with
Nestle will occur.
For further information contact:
Media Contact: Dori Sera Bailey at 510/601-4241
Investor Contact: C. Scott Webster at 510/450-4545