Dean Foods Company (NYSE: DF) announced that its shareholders approved the proposed merger between Dean Foods and Suiza Foods at a special meeting held today. Approximately 63% of the shares outstanding as of the record date were voted in favor of the merger transaction. Of the total shares voted, over 96% of the votes approved the merger.
Suiza Foods has scheduled its meeting of shareholders to vote on the merger on September 21, 2001. The closing of the merger remains subject to certain conditions included in the merger agreement, including clearance by the Department of Justice. The merger is expected to be completed by the end of the year.
Dean Foods is one of the nation’s leading dairy processors and distributors producing a full line of branded and private label products, including fluid milk, ice cream and extended shelf life products, which are sold under the Dean’s and other strong regional brand names. Dean Foods is the industry leader in other food products including pickles, powdered non-dairy coffee creamers, aseptically packaged foodservice products, and refrigerated dips and salad dressings.
Some of the statements in this press release are “forward-looking” and are made pursuant to the safe harbor provision of the Securities Litigation Reform Act of 1995. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this press release. These risks include, but are not limited to, the ability to integrate acquisitions, adverse weather conditions resulting in poor harvest conditions, raw milk, resin and fuel costs, interest rate fluctuations, the level of promotional spending, competitive pricing pressures, the effectiveness of marketing and cost management programs, and shifts in market demand and the other risks discussed in Dean Foods’ Annual Report on Form 10-K for its fiscal year ended May 27, 2001. In addition, the exact timing of the merger, and of the intermediate steps that Dean Foods and Suiza Foods will take in connection with the completion of the merger, will depend on how quickly the companies obtain the necessary approvals for the transaction.