Lawsuits Filed Over Dean-Horizon Deal
August 29, 2003
Two shareholders have filed two class action complaints alleging that the consideration to be paid to shareholders of Horizon Organic in connection with the proposed acquisition by Dean Foods of Horizon Organic is unfair. Dean Foods and Horizon Organic announced last week the signing of a definitive agreement by which Dean Foods will acquire the 87% equity interest in Horizon Organic it does not currently own for a cash price of $216 million, and the assumption of approximately $40 million in debt. An unconfirmed report in a Detroit business publication indicated recently that Dean Foods had spent $121 million to purchase Melody Farms LLC, Livonia, Mich.