Nestlé SA, the US arm of the Swiss food behemoth, is to acquire 67% (55 million shares) of Oakland, California-based Dreyer's Grand Ice Cream in a deal that will see Dreyer's take over Nestlé's US ice cream business. In addition, Dreyer's shareholders will receive the right to sell their stock to the company for US$83 per share, from 1 January 2006, during certain periods until mid-May 2006. Outstanding Dreyer's shares could also be called for redemption for US$88 from 1 January 2007, until 30 June 2007. Dreyer's currently outstanding common stock will be exchanged on a share for share basis for new common stock that will carry these put and call features.