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Dairy Farmers of America to Acquire Portion of Dean Foods Assets/Business for USD 425m
Thursday 20 February 2020

20 February 2020 - Kansas, US-based Dairy Farmers of America, Inc. (DFA) has agreed to become the stalking horse bidder to acquire a substantial portion of Dean Foods assets and business amid Dean's voluntary Chapter 11 reorganisation, the company said.
As part of the proposed deal, DFA has agreed to pay a base purchase price of USD 425m, and assume various liabilities, subject to certain adjustments, to acquire 44 of Dean's facilities and associated direct store delivery system, as well as certain corporate and other assets and functions.
While the parties have reached an agreement on the terms of the asset purchase, the transaction remains subject to various approvals, including approval from the Bankruptcy Court overseeing Dean's Chapter 11 reorganisation and the US Department of Justice.
DFA is advised in this matter by Latham and Watkins, LLP, Bryan Cave Leighton Paisner, LLP and Houlihan Lokey.
Dairy Farmers of America is a national, farmer-owned dairy cooperative focusing on quality, innovation and the future of family dairies.
Details
Date Published: 20/02/2020
Target: Dean Foods/44 facilities and associated direct store delivery system, as well as certain corporate and other assets and functions
Country: USA
Deal Size: 425m (USD)
Sector: Food/Beverages/Tobacco
Type: Corporate acquisition
Financing: Cash
Status: Bidding
Vendor: Dean Foods
Buyer: Dairy Farmers of America, Inc
Buyer Advisor: Latham and Watkins , Bryan Cave Leighton Paisner , Houlihan Lokey
Comment:
Bankruptcy process

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