To: SSP who wrote (7900 ) 8/24/1999 8:00:00 AM From: Link Lady Respond to of 150070
freeedgar.com newsalert.com L TEXT-Yogen Fruz on Eskimo Pie bid (Full text of press release from BCE Emergis E-News) YOGEN FRUZ WILL NOT SUPPORT ANNOUNCED OFFER TO BUY ESKIMO PIE CORPORATION Yogen Fruz World-Wide Incorporated (TSE:YF.A), the largest shareholder of Eskimo Pie Corporation (NASDAQ NNM: EPIE) "Eskimo"), announced today that it will not support the offer from an undisclosed private investor group to buy all of Eskimo's stock for $10.125 per share announced earlier today. "We believe the announced offer understates the asset value of Eskimo by at least one third, and thus would not return full value to Eskimo's shareholders" said Michael Serruya, Co-President and Co-CEO of Yogen Fruz. Eskimo's announcement of the offer did not disclose the identities of the offerors, but did state that the offer was subject to satisfactory completion of due diligence, obtaining of necessary financing, negotiation and execution of a definitive agreement and consent of Eskimo's licensors to the continuation of their licenses. Accordingly, Yogen Fruz believes it is unlikely any such sale would close. "This proposal clearly would be a better deal for Eskimo's current management than for the shareholders," Serruya said. "They would hold onto their jobs, while shareholders would take a one-third discount off the full value of their shares." Eskimo's announcement disclosed that David B. Kewer, Eskimo's President and CEO, has been invited to join the unnamed group of offerors. As of August 31, 1998, Yogen Fruz had approximately 4,900 locations, through company owned, franchised and non-traditional partnership locations in 80 countries. The Company operates a Family of Brands including Yogen Fruz, I Can't Believe It's Yogurt, Bresler's Ice Cream and Premium Frozen Yogurt, Swensen's Ice Cream, Steve's Ice Cream, Golden Swirl, Honey Hill Farms, Paradise, Ice Cream Churn and Java Coast Fine Coffees. The Company also directly, and through its subsidiary Integrated Brands, markets, sells and distributes Tropicana frozen fruit juice bars and frozen dessert products, as well as a variety of frozen novelties and frozen dessert products under the Betty Crocker, Trix, Yoplait, Colombo, Lucky Charms and Yoo Hoo brand names, pursuant to long-term license agreements. - 30 - For further information, contact: Michael Serruya/Richard E. Smith W. Daniel Mothersill Co-Chairman, Co-President and Co-CEO Managing Partner Yogen Frz World-Wide Incorporated Ciris International Inc. Tel: 905-479-8762/516-737-9700 Tel: 416-368-8770 Fax: 905-479-5235/516-737-9792 Fax: 416-368-5122 For related news, double click on one of the following codes: [ISD] [CA] [LEN] [YFa.TO\c] For related price quotes, double click on one of the following codes: Monday, 23 August 1999 16:35:43 ISD [nISD5788]