Dreyer's Grand Ice Cream Holdings Inc. and Silhouette Brands Inc. announced that Silhouette Brands and Dreyer's Grand Ice Cream Inc. have entered into an agreement for Dreyer's to acquire Silhouette Brands, whose product line consists of frozen ice cream snack products.
Dreyer's and Silhouette Brands have executed a definitive agreement whereby each share of common stock of Silhouette Brands will be converted into the right to receive approximately $4.76 in cash and each share of preferred stock of Silhouette Brands will be converted into the right to receive approximately $6.56 in cash. Following the closing of the transaction, notification of the transaction and information concerning the price paid for Silhouette Brands' stock and statutory appraisal rights will be sent to all stockholders of Silhouette Brands. The transaction has been approved by the boards of directors of both Silhouette Brands and Dreyer's Holdings and the holders of a majority of the outstanding stock of Silhouette Brands.