Result of Tender Offer
Unilever PLC
16 May 2000
Unilever Completes Ben & Jerry's Homemade Tender Offer
Unilever today announced that its tender offer through a subsidiary to
acquire all of the outstanding shares of Class A and Class B common stock of
Ben & Jerry's Homemade, Inc. at a purchase price of $43.60 per share in cash
expired at 12:00 midnight on Monday, May 15, 2000. Approximately 5.7 million
shares (or 89% of the outstanding shares) of the Class A common stock, and
approximately 714 thousand shares (or 90% of the outstanding shares) of Class
B common stock were validly tendered and accepted for payment. Payment for
such shares will be made promptly.
In addition, Unilever has received Notices of Guaranteed Delivery with
respect to approximately 176 thousand shares (or 3% of the outstanding
shares) of the Class A common stock, and approximately 18 thousand shares (or
2% of the outstanding shares) of Class B common stock. Pursuant to the terms
of the tender offer, shares of common stock listed in a Notice of Guaranteed
Delivery must be validly tendered within 3 trading days following the
delivery of such notice in order to be accepted for payment. Any shares of
Class B Common Stock not validly tendered will be automatically converted
into shares of Class A common stock on or about May 25.
Unilever will now proceed to acquire the remaining outstanding shares of
common stock of Ben & Jerry's Homemade, Inc. through a second step merger in
which shares of common stock not purchased in the tender offer will be
converted, upon completion of the merger, into the right to receive $43.60
per share in cash.
Unilever and Ben & Jerry's Homemade, Inc. entered into a definitive merger
agreement on April 11, 2000 whereby a subsidiary of Unilever United States,
Inc. would acquire all of the outstanding shares of common stock of Ben &
Jerry's Homemade, Inc. for a cash price of $43.60 per share.
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