Sun Capital affiliate to acquire Friendly's

July 1, 2007
Friendly's Ice Cream Corp has entered into a definitive agreement to be acquired by Freeze Operations Holding Corp, an affiliate of Sun Capital Partners

Friendly's Ice Cream Corp has entered into a definitive agreement to be acquired by Freeze Operations Holding Corp, an affiliate of Sun Capital Partners Inc, in an all-cash transaction for $15.50 per share for a total price of about $337.2 million.

The purchase price represents an 8.2% premium over the closing price of Friendly's common stock June 15, 2007. It is also a 30.9% premium over the closing price March 6, 2007, the day before the company announced it was exploring strategic alternatives.

The transaction has been unanimously approved by the company's board of directors, which will recommend approval from shareholders. This transaction requires an affirmative vote of 66 - 2/3% of outstanding company shares and is subject to certain other customary closing conditions. It is expected to close during the third quarter of 2007.

Friendly's serves sandwiches, entrees, and ice cream desserts at 515 company and franchised restaurants in the Northeast. It also produces and distributes ice cream to more than 4,000 supermarkets and other retail locations.

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