Dean Foods Co. bested a rival to buy the Milk Products of Alabama LLC unit of Parmalat USA Corp. for $21.6 million in cash.
Judge Robert Drain of U.S. Bankruptcy Court for the Southern District of New York in Manhattan approved the sale after Dean trumped a $19.7 million stalking-horse offer from National Dairy Holdings LP, said Gary Holtzer, New York debtor counsel at Weil, Gotshal & Manges LLP.