Suiza Foods Corporation (NYSE: SZA), the nation’s leading dairy processor and distributor, announced Friday (21 September) that its shareholders approved the company’s pending merger with Dean Foods Company (NYSE: DF). A special shareholder meeting was held today to vote on three proposals relating to the company’s pending merger. All of the proposals were approved by a requisite number of votes.
“We are pleased to have won shareholder approval for the merger and the related proposals and to move another step closer to completing our transaction with Dean Foods,” said Gregg Engles, Chairman and Chief Executive Officer of Suiza Foods. “Having submitted all of the requested information, we believe we are on track to receive regulatory approval in the coming months and close the transaction by the end of this year.”
Suiza Foods Corporation, based in Dallas, is the nation’s leading dairy processor and distributor, producing a full line of company-branded and customer-branded products. National brands include International Delight®, Second Nature®, Naturally Yours®, Mocha Mix®, Sun Soy(TM), kidsmilk(TM) and fitmilk®. Regional brands include Adohr Farms®, Barbe’s®, Broughton®, Brown’s Dairy(TM), Country Delite®, Country Fresh®, Dairy Gold®, Dairymens®, Flav-O-Rich®, Garelick Farms®, Hygeia®, Lehigh Valley Farms®, London’s®, Meadow Gold®, Model Dairy®, Oak Farms®, Poudre Valley®, Robinson®, Schenkel’s All Star Dairy, Schepps®, Shenandoah’s Pride®, Suiza Dairy®, Swiss Dairy(TM), Louis Trauth Dairy®, Tuscan® and Velda Farms®, as well as Celta® in Spain. Suiza also sells products under partner or licensed brands in certain regions, including Borden®, Foremost® and Pet®. Additionally, the company owns approximately 43% of Consolidated Container Company, one of the nation’s largest manufacturers of rigid plastic containers.
The statements in this press release regarding when the company expects to complete the pending transaction with Dean Foods is “forward-looking” and is made pursuant to the safe harbor provision of the Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties which may cause results to differ materially from the statements set forth in this press release. The company’s ability to close the proposed transaction on the terms and in the timeframe contemplated depends primarily on the company’s ability to obtain regulatory approval for the transaction on the terms and within the timeframe contemplated. The company’s ability to obtain regulatory approval within the expected timeframe depends on a number of factors, many of which are beyond the company’s control. Other risks relating to the proposed merger with Dean Foods are identified in the joint proxy statement/prospectus of the company and Dean Foods filed by the company with the Securities and Exchange Commission on August 10, 2001 and in the company’s quarterly report on Form 10-Q for the quarter ended June 30, 2001. The forward-looking statements in this press release speak only as of the date of this release. Suiza expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.