Source: LOHAS Weekly Newsletter
Published: Wednesday, December 24, 2003

Dean Foods to pay $216 million.

Shareholders last week approved the sale of Horizon Organic Holding Corp. (Nasdaq: HCOW) to Dean Foods Co. (NYSE: DF). Horizon is based in Boulder, Colo. The transaction should close in January, according to a recent Dean announcement.

Dean has said it will pay $216 million to buy the remaining 87 percent of HCOW that it doesn't currently own. Dean will also assume $40 million of Horizon debt.

In July, two shareholders two filed a class-action lawsuit against Dean, HCOW and members of HCOW's board of directors charging that the proposed consideration for Horizon Organic shareholders was unfair and that the defendants breached their fiduciary duties to HCOW shareholders. No mention was made of the lawsuit in recent Horizon releases.

Dean foods, owner of brands including Morningstar Foods and International Delight coffee creamers, owns Boulder, Colo.-based soy foods-products maker White Wave Foods.