YoCream, Danone Enter Merger Agreement

摘要

YoCream International, Inc. and Danone have entered a definitive merger agreement under which a subsidiary of Danone will merge with YoCream. Danone, based in Paris, is a Fortune 500 company. Its U.S. subsidiary, The Dannon Co., ranks 24th on Dairy Foods' Dairy 100 list of the country's largest dairy processors, and YoCream ranks 98th, with sales of $50.7 million in 2009. In separate news, The Dannon Co. agreed in December to stop claiming that one daily serving of its Activia yogurt relieves irregularity, and that its DanActive dairy drink helps people avoid catching colds or the flu. The action was in response to a complaint by the Federal Trade Commission. John Hanna will remain chief executive officer and a director of YoCream following the closing of the transaction. The company's senior management team will also remain intact. They, along with one former board member, will retain an ownership interest of approximately 5% in the company following the closing. In addition, the name of the company will remain YoCream International following the closing.