LONDON (CNNfn) - Dreyer's Grand Ice Cream has raised its takeover bid for Ben & Jerry's Homemade, its esoteric premium-brand rival, according to a report published Friday.|
The largest U.S. ice cream maker is offering between $35 and $38 a share for Vermont-based B&J, which is being pursued by a number of industry rivals as well as a group led by its co-founder, Ben Cohen.
The offer would value Ben & Jerry's at up to $270 million, and tops a $31 per share offer which, according the Wall Street Journal, California-based Dreyer's made at the end of last year.
The B&J board is already considering a $38 a share cash offer from Cohen, launched in a bid to take the company private and preserve its commitment to social goals and its alternative-lifestyle flavor.
Dreyer's will only pursue its offer on an agreed basis, said the Journal.
Ben & Jerry's (BJICA: Research, Estimates) shares closed up 7/16 at 32-9/16 Thursday. Dreyer's (DRYR: Research, Estimates) ended the session at 26-1/8, a gain of 1/2.