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January 18, 2007

CANADA: CoolBrands breaks the ice for Eskimo Pie deal

CoolBrands has today confirmed it is exploring the possibility of selling certain of its ice cream assets, including its Eskimo Pie and Chipwich brands.

CoolBrands has today (18 January)confirmed it is exploring the possibility of selling certain of its ice cream assets, including its Eskimo Pie and Chipwich brands.


The company said it has opened discussions with “certain potential buyers” – rumoured to be Nestlé SA subsidiary Dreyer’s Grand Ice Cream.


The Canadian ice cream firm is also ready to offload assets from its food service business as part of any deal.


“There is no assurance as to the timing of any particular transaction or whether any transaction will be completed at all,” CoolBrands added.


The company acquired Eskimo Pie in 2000 for US$35.7m, but sold Eskimo Pie’s Value America flavours and ingredients division for $10m in September 2006, as part of its ongoing refinancing.


CoolBrands’ shares soared 14.58% to C$1.18 at news of the investment today (18 January).

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