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In its merger with Dreyer’s Grand Ice Cream, Inc., Nestl� S.A. has put together a two-scoop sundae. Dreyer’s will acquire Nestl�’s U.S. ice cream operations, but the Swiss sweets giant will run the show by increasing its stake in Dreyer’s from 25 percent to 67 percent. Under the terms of the $2.5 billion deal, announced in mid-June, Dreyer’s will remain independent and continue to trade on the Nasdaq until at least 2006. Dreyer’s shareholders will then have the right to sell their stock to the company for $83 per share, and, in 2007, for $88 per share, giving Nestl� a chance to take full control of the company. For now, the enlarged Dreyer’s will continue to operate out of the company’s Oakland headquarters, led by chairman and CEO T. Gary Rogers. The transaction is Nestl�’s latest effort to expand its American ice cream business, following its 2001 acquisition of the U.S. and Canadian licenses for H�agen-Dazs. In August Nestl� announced that it was acquiring Chef America, Inc., a Denver-based frozen food manufacturer, for $2.6 billion. For merger partner Nestl� USA, Inc. (Glendale, California) In-house: General counsel Kristin Adrian and senior counsel Yun Choi Au. Nestl� USA is a subsidiary of Nestl� S.A., based in Vaud, Switzerland. Latham & Watkins (Los Angeles): James Barrall, John Huber, Mary Ellen Kanoff, Charles Nathan, David Raab, Paul Tosetti, William (Alex) Voxman, Hugh Steven Wilson, and associates Emma Cheung, Amber FauntLeRoy, Marissa Lee, and Robert O’Shea. (Huber is in the firm’s D.C. office; Nathan and Raab are in New York; and Wilson is in San Diego.) Richards, Layton & Finger (Wilmington): Mark Gentile. For merger partner Dreyer’s Grand Ice Cream, Inc. (Oakland) In-house: General counsel Mark LeHocky and associate general counsel Vicki Randall. Wachtell, Lipton, Rosen & Katz (New York): Corporate: Seth Kaplan and associates Igor Kirman and Natalie Milani. Tax: David Einhorn. Benefits: Karen Krueger and associate David Passey. Morris, Nichols, Arsht & Tunnell (Wilmington): John Johnston and associate Patricia O’Neill Vella. Outlook The transaction is expected to close by the end of the year, subject to approval from the Federal Trade Commission and shareholders of Dreyer’s. -Allison Fashek

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