USA: Nestlé increases stake in Dreyer's Grand Ice Cream, Inc.
Dreyer's Grand Ice Cream, Inc. (NNM:DRYR) Friday (6 July) confirmed that Nestle Holdings, Inc. has acquired 3,400,000 shares of Dreyer's Grand Ice Cream common stock from General Electric Capital Corporation, General Electric Pension Trust and GE Investment Private Placement Partners I L.P. With this purchase, Nestle will own 9,563,016 common shares, or approximately 24 percent of the total of Dreyer's common shares outstanding and incentive options to acquire Dreyer's common shares. Nestle's common share holdings are subject to the terms of certain standstill agreements which, among other things, limit Nestle's ownership position to 25 percent of common shares and options outstanding under current circumstances, and prohibit their making any acquisition proposal that would require public disclosure. The standstill agreements expire at the end of 2004, after which time Nestle will continue to be bound by certain continuing restrictions. The entities of General Electric continue to hold 2,399,998 Dreyer's Grand Ice Cream common shares.
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