Friendly’s shareholders approve merger

Aug. 30, 2007
Friendly Ice Cream Corp’s stockholders have approved the merger of Friendly’s with Freeze Operations Inc, an affiliate of Sun Capital Partners Inc.

Friendly Ice Cream Corp’s 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% were voted in favor of the merger.

Under 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 and shares held by any of the firm's wholly owned subsidiaries).

Sun Capital Partners is a private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies.

Friendly’s is a vertically integrated restaurant company serving signature sandwiches, entrees, and ice cream desserts in 515 company and franchised restaurants throughout the Northeast. The company also manufactures ice cream, which is distributed through more than 4,000 supermarkets and other retail locations.

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

The Future of Mirrors is Closer Than it Appears

Why Mirror Camera Systems are the next step for fleet safety and exoneration While many commercial trucking cameras are similarly marketed, they are not all created equally. The...

The 20:1 Solution: Unlocking the ROI of a Modern Asset Maintenance Solution

Discover how modern fleet maintenance software can drive step-change improvements in shop efficiency, cost control and vehicle productivity, along with how to calculate the ROI...

Digital and AI Solutions for Rideshare Safety

Anyline’s study, “How Digital AI Solutions Can Enhance Rideshare Safety,” reveals rideshare drivers are overly confident in their tire knowledge, risking passenger safety. Download...

Introducing the World’s First Mobile Tire Tread Scanner

Anyline’s innovation allows accurate tire tread measurement via any mobile device, ensuring legal compliance for fleets. Read more and find out how you can cut operating costs...