Thank you for bringing SIHB to my attention. A very happy ending.
biz.yahoo.com
CORRECTED-Dreyer's to buy Silhouette Brands for $71 mln
Tuesday July 27, 12:15 pm ET
In NEW YORK story headlined, "Dreyer's to buy Silhouette Brands for $65 mln," please read headline as, "Dreyer's to buy Silhouette Brands for $71 mln." Also, in first paragraph please read ... to buy Silhouette Brands Inc. (Other OTC:SIHB.PK - News) for about $71 million ... instead of ... to buy Silhouette Brands Inc. (Other OTC:SIHB.PK - News) for about $65.2 million. (Corrects amount of deal.)
Also deletes third paragraph because number of shares outstanding cited was as of March 31 and the number has since increased.
A corrected version follows.
NEW YORK, July 26 (Reuters) - Dreyer's Grand Ice Cream Holdings Inc. (NasdaqNM:DRYR - News), the maker of Edy's and Haagen-Dazs, on Monday said it agreed to buy Silhouette Brands Inc. (Other OTC:SIHB.PK - News) for about $71 million to add low-fat and low-carbohydrate ice cream snacks to its product line.
Dreyer's said it will pay $4.76 for each Silhouette common share, and $6.56 for each Silhouette preferred share. That values Silhouette common shares at a 15 percent premium over their $4.15 Friday closing price.
Founded in 1994, New York-based Silhouette sells ice cream snacks under the Skinny Cow and Skinny Carb names. It earned $1.39 million, or 11 cents per share, on revenue of $18.8 million in the first quarter.
Dreyer's, which is based in Oakland, California, had been Silhouette's national distributor. It said it expects "significant administrative, selling and management synergies (and) reduced costs" following the merger.
Tennyson West LLC and Keating Securities LLC advised Silhouette on the transaction, Dreyer's said.
Dreyer's shares closed Friday at $79.30 on the Nasdaq. |
