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Eskimo Pie is under siege
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December 2, 1998: 12:43 p.m. ET
Yogen Früz wages a hostile takeover for its piece of the pie ... The Eskimo Pie.
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NEW YORK (CNNfn) - The barbarians are at the igloo gate. Yogen Früz Worldwide Inc. has launched a hostile takeover bid of Richmond-based Eskimo Pie.
After consulting with the company's financial advisor, Eskimo Pie said its board has unanimously decided that the unsolicited offer of $10.25 a share from Toronto-based is inadequate.
Eskimo Pie Chief Executive Officer David Kewer said the board asked the financial adviser to continue to work with the company to explore the full range of strategies available to enhance shareholder value.
Eskimo Pie [EPIE] created the frozen novelty industry in 1921 with the invention of the Eskimo Pie ice cream bar. The company markets a broad range of frozen novelties, ice cream and sorbet products under the Eskimo Pie, Real Fruit, Welch's, Weight Watchers, SnackWell, and Oreo brand names.
Shares of Eskimo Pie traded up 3/4 to 12 during the early afternoon trading session Wednesday.
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Eskimo Pie
Yogen Fruz
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