99.7% of Final Tranche Converted to Common Stock on June 23
DALLAS, June 24 /PRNewswire-FirstCall/ — Dean Foods Company (NYSE: DF)
announced that on June 23, 2003, its wholly-owned subsidiary, Dean Capital
Trust, successfully redeemed the remainder of its outstanding 5 1/2% Trust
Issued Preferred Equity Securities (TIPES).
Holders of 99.7% of the final $300 million tranche of TIPES elected to
convert to Dean Foods common stock, rather than receive the cash redemption
price. The exchange ratio was 1.917 shares of Dean Foods common stock for
each TIPES security, with fractional shares paid in cash. Shares of common
stock issued as a result of TIPES conversions were already reflected in the
company’s reported diluted share calculation for purposes of determining
diluted earnings per share, as required by generally accepted accounting
principles.
Dean Foods Company is one of the nation’s leading food and beverage
companies. The company produces a full line of company-branded and private
label dairy and dairy-related products such as milk and milk-based beverages,
ice cream, coffee creamers, half and half, whipping cream, whipped toppings,
sour cream, cottage cheese, yogurt, dips, dressings and soy milk. The company
is also a leading supplier of pickles and other specialty food products,
juice, juice drinks and water. The company operates over 120 plants in
36 U.S. states and Spain, and employs approximately 28,000 people.
Contacts: Cory Olson
Senior Vice President and Treasurer
(214) 303-3645
SOURCE Dean Foods Company
-0- 06/24/2003
CONTACT: Cory Olson, Senior Vice President and Treasurer of Dean Foods
Company, +1-214-303-3645/
Web site: http://www.deanfoods.com /
(DF)
CO: Dean Foods Company; Dean Capital Trust
ST: Texas
IN: FOD REA FIN
SU:
GN-AP
— DATU014 —
5596 06/24/2003 06:30 EDT http://www.prnewswire.com
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