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Friendly's announces stockholder OK of merger
August 29, 2007
WILBRAHAM, Mass. — Friendly Ice Cream Corp. has announced that its stockholders have approved the merger of Friendly's with Freeze Operations Inc., an affiliate of Sun Capital Partners Inc.
Based on preliminary results, of the 6,741,438 shares voted, approximately 98.5 percent were in favor of the merger.
Under the terms of the merger agreement, Friendly's stockholders will receive $15.50 in cash, without interest and less any applicable withholdings for each share of Friendly's common stock issued and outstanding at the effective time of the merger (other than shares held in Friendly's treasury or by any of Friendly's wholly owned subsidiaries).
An affiliate of Sun Capital also recently completed the purchase of McDonald's Boston Market brand.
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