Exhibit 99.2
------------
[Dreyer's Logo]
DREYER'S AND NESTLE COMPLETE TRANSACTION
The new Dreyer's Grand Ice Cream Holdings, Inc. includes
Nestle's U.S. Frozen Dessert Business
DREYER'S GRAND ICE CREAM HOLDINGS, INC. CLASS A CALLABLE PUTTABLE COMMON STOCK
TO BEGIN TRADING ON NASDAQ NATIONAL MARKET UNDER TICKER SYMBOL DRYR
ON JUNE 27, 2003
(OAKLAND, Calif. - June 26, 2003) - Dreyer's Grand Ice Cream Holdings, Inc.
(Dreyer's Holdings) (NNM: DRYR), announced today that the combination of
Dreyer's Grand Ice Cream, Inc. (Dreyer's) and Nestle's U.S. frozen dessert
business has been completed. Dreyer's acquired Nestle's U.S. frozen dessert
business in exchange for approximately 55 million shares of Class B Common Stock
of Dreyer's Holdings, a newly formed public company that now owns both Dreyer's
and Nestle's U.S. frozen dessert businesses. Nestle now owns approximately 67%
of Dreyer's Holdings' stock on a diluted basis.
"This transaction combines many of the favorite ice cream brands in America with
the industry's pre-eminent distribution system," said T. Gary Rogers, Dreyer's
chairman and CEO. "This year we celebrate Dreyer's 75th birthday by bringing
even greater value to our shareholders and the best ice cream to our consumers."
Under the terms of the transaction, each share of Dreyer's common stock held by
the public will be exchanged for one share of Class A Callable Puttable Common
Stock of Dreyer's Holdings. The Dreyer's Holdings Class A Callable Puttable
Common Stock will be traded under the symbol "DRYR" on Nasdaq National Market
beginning on June 27, 2003. All holders of Common Stock of Dreyer's Holdings as
of the close of business on June 27, 2003 will be entitled to receive a dividend
of $0.06 per share, payable on July 8, 2003.
Subject to the terms and conditions of the amended and restated certificate of
incorporation of Dreyer's Holdings, the holders of Class A Callable Puttable
Common Stock will be permitted to sell some or all of their shares to Dreyer's
Holdings for $83.00 per share during two periods in the future, the first
beginning on December 1, 2005 and ending on January 13, 2006, and the second
beginning on April 3, 2006 and ending on May 12, 2006. The Class A Callable
Puttable Common Stock will also be subject to redemption by Dreyer's Holdings at
the request of Nestle at $88.00 per share during a six-month period in 2007. Due
to the combination, Dreyer's Common Stock is no longer quoted on Nasdaq as of
the close of business on June 26, 2003.
*******
Dreyer's Holdings and its subsidiaries manufacture and distribute a full
spectrum of ice cream and frozen dessert products. Brands of frozen dessert
products currently manufactured and distributed by Dreyer's Holdings in the
United States include Grand, Grand Light(R), Haagen-Dazs(R), Nestle(R)
Drumstick(R), Nestle(R) Crunch(R), Butterfinger(R), Baby Ruth(R), Toll House(R),
Carnation(R), Push-Up(R), Dole(R); Homemade; Fruit Bars; Starbucks(R); M&M/Mars
and Healthy Choice(R). The Company's premium 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. Internationally,
the Dreyer's brand extends to select markets in the Far East and the Edy's brand
to the Caribbean and South America. For more information on the Company, please
visit www.dreyersinc.com.
------------------
Edy's, the Dreyer's and Edy's logo design, Grand Light, and Homemade, are all
trademarks or trade names of Dreyer's Grand Ice Cream, Inc. The Nestle and
Haagen-Dazs trademarks are licensed to Dreyer's by Nestle. All other trademarks
and trade names are owned by their respective companies and licensed to
Dreyer's. (C) 2003 by Dreyer's Grand Ice Cream Holdings, 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.
For further information contact:
Media Contact: Dori Sera Bailey at 510/601-4241
Investor Contact: C. Scott Webster at 510/450-4545