Dean Foods based in Dallas annunced on September 26 that it's exploring posibility of selling Morningstar business in order to maximize shareholder value. Even though the company had not yet find a buyer for Morningstar unit, has trust in attractive portfolio and top-notch management team which Dean Foods believes the business possesses.
"Sale of Morningstar business will happen only if it can be a transaction that maximizes shareholder value and helps ensure the future sucess of the business." a company statement said.
Separately, Dean Foods said on August 7 that WhiteWave Foods Company, formed as a new company from Dean's WhiteWave-Alpro business unit, which makes soy milk, proposed public offering of up to 20 percent of its common stock. Proceeds from the offering, as well as $800-925 million to be borrowed under a new credit facility at WhiteWave, are expected to be applied to reduce Dean Foods' outstanding debt.
Morningstar Foods is a business that produces and sells traditional and specialty items, like cultured dairy products, ice cream mixes, coffee creamers, aerosol whipped toppings, traditional and value-added milks, and blended iced beverages to retailers and foodservice providers nationwide.
