Ying Li Sherry Liu Ben Jerry s

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Ying Li Sherry Liu

Ben & Jerry’s Myth • 1977, Jerry’s parents’ house in Merrick, Long Island • Jerry: Salt of the earth, man of the people Ben: Adventurer, challenges everything The perfect Duo! • Wanted to start a business… Must be something we enjoy!

Ben & Jerry’s. Myth Ben & Jerry’s Myth • Brainstorming: – – – Becoming popular in big cities College town A lot of interaction with customers What we like to eat… What about: Ice-cream! • Research, research! – Weather, population, competition, etc. • Burlington, Vermont • By Jan, 2000, major premium ice cream producer with over 170 stores worldwide

Social Consciousness • Socially progressive cause and strong commitment to community – Generous donation – Recruiting volunteers from its staff and public – Annual free cone day – Social-value-led marketing strategy • Special flavor – social awareness for tropical -rainforest

Financing Decisions • May, 1984, first public equity financing • 75, 000 shares at $10. 50 a share for Vermont residents • However, not always follow traditional investor-relations practices • Conversation with the Wall Street Journal: – “I got no idea. ” » Ben Cohen

Corporate Operating Decisions • Interest in community welfare • New plant in Waterbury – Feed pigs in local farm with disposed milky water – Loaned local farmer to buy more pigs – Win-win situation • Mission Statement: – Product, Economic & Social – Problem!!!

What’s next? • Dreyer’s Grand Ice Cream Pro: Distribution by direct store-delivery system, Pro-community support Con: Ben & Jerry’s obligation, Stock purchase price • Unilever Pro: Diversified portfolio, largest producer of ice cream, bid price Con: Social mission, quality vs. quantity

What’s next? • Meadowbrook Lane Capital Pro: Socially responsible, tender offer indeed Con: New management team, portfolio • Chartwell Investments Pro: Independence, experience Con: Board of Directors, new management team

Fighting Back • Will the social mission survive? • What about the shareholders? • Which bid is the best bid? • How do we optimize shareholder value? • Can we continue to grow?

Choose your flavor Who did you recommend? A. B. C. D. E. Dreyer’s Grand Unilever Meadowbrook Lane Chartwell None - Stay the same!

The End…or is it?

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