FRANKLIN PARK, Ill., May 10 /PRNewswire/ — Dean Foods Company (NYSE: DF)
today announced it has received a second request from the Department of
Justice regarding the proposed merger with Suiza Foods Corporation. On April
5, 2001, Dean and Suiza announced a definitive agreement under which the two
companies will merge to form a national dairy and specialty foods company with
$10 billion in revenue.
The Hart-Scott Rodino application was filed with the government on April
9, 2001. Both Dean Foods and Suiza Foods noted that they anticipated a full
regulatory review and expected to receive this second request. The companies
are prepared to work diligently with the Department of Justice to resolve any
potential regulatory concerns.
The companies have carefully analyzed the transaction for areas of overlap
and, based on their analysis, have identified the operations of six plants in
five states that will be sold to resolve potential anti-trust problems and to
facilitate approval for this pro-competitive transaction. The company expects
the merger to be approved in the third or fourth quarter of calendar 2001 and
believes that the merger plan preserves competition, while providing benefits
to dairy farmers, consumers and the entire industry.
About Dean Foods:
Dean Foods is one of the nation’s leading dairy processors and
distributors producing a full line of branded and private label products,
including fluid milk, ice cream and extended shelf life products, which are
sold under the Dean’s and other strong regional brand names. Dean Foods is
the industry leader in other food products including pickles, powdered
non-dairy coffee creamers, aseptically packaged foodservice products, and
refrigerated dips and salad dressings.
Some of the statements in this press release are “forward-looking” and are
made pursuant to the safe harbor provision of the Securities Litigation Reform
Act of 1995. These “forward-looking” statements include statements relating
to (1) when the companies expect to close the proposed transaction and (2) the
level of divestitures necessary to obtain regulatory approval. These
statements involve risks and uncertainties which may cause results to differ
materially from those set forth in these statements. The ability to close the
proposed transaction in the third or fourth quarter is subject to receipt of
shareholder approval and regulatory approval. The level of divestitures
necessary to obtain regulatory approval of the transaction is subject to the
extent of competition in the various markets in which the combining companies
operate, as determined by the Department of Justice, other regulatory
authorities and potentially, state and federal courts. Other risks affecting
the business of the companies are identified in their filings with the
Securities and Exchange Commission, including the Dean Foods Annual Report on
Form 10-K for the year ended May 28, 2000 and the Suiza Foods Annual Report on
Form 10-K for the year ended December 31, 2000. All forward-looking
statements in this press release speak only as of the date hereof. Dean Foods
and Suiza Foods expressly disclaim any obligation or undertaking to release
publicly any updates or revisions to any such statements to reflect any change
in their expectations or any changes in the events, conditions or
circumstances on which any such statement is based.
Other Legal Information
Dean Foods and Suiza Foods expect to file with the SEC a joint proxy
statement/prospectus and other relevant documents concerning the proposed
transaction. Investors are urged to read the joint proxy statement/prospectus
when it becomes available and any amendments or supplements to the joint proxy
statement/prospectus as well as any other relevant documents filed with the
SEC, because they will contain important information concerning the proposed
transaction. Investors will be able to obtain the joint proxy
statement/prospectus and other documents filed with the SEC free of charge at
the SEC’s website ( http://www.sec.gov ). In addition, the joint proxy
statement/prospectus and other documents filed by Dean Foods and Suiza Foods
with the SEC may be obtained free of charge by contacting Dean Foods, 3600
North River Road, Franklin Park, Illinois 60131, Attn: Investor Relations
(tel 847-678-1680) or Suiza Foods, 2515 McKinney Avenue, Suite 1200, Dallas,
Texas 75201, Attn: Investor Relations (tel 214-303-3400).
Dean, Suiza and their respective directors and executive officers may be
deemed to be participants in the solicitation of proxies from the stockholders
of Dean and Suiza in favor of the transaction. The directors and executive
officers of Dean and their beneficial ownership of Dean common stock are set
forth in the proxy statement for the 2000 annual meeting of Dean. The
directors and executive officers of Suiza and their beneficial ownership of
Suiza common stock are set forth in the proxy statement for the 2001 annual
meeting of Suiza. You may obtain the proxy statements of Dean and Suiza free
of charge at the SEC’s website ( http://www.sec.gov ). Stockholders of Dean
and Suiza may obtain additional information regarding the interest of such
participants by reading the joint proxy statement/prospectus when it becomes
available.
SOURCE Dean Foods Company
Web site: http://www.deanfoods.com
Company News On-Call: http://www.prnewswire.com/comp/109161.htmlor fax, 800-758-5804, ext. 109161
CONTACT: Financial, Barbara Klein, V. P., Finance and ChiefFinancial Officer, 847-233-5263, William Luegers, V.P. andTreasurer, 847-233-5361, or Media, LuAnn Lilja, 847-233-5459, allof Dean Foods Company