Friendly Ice Cream Corp’s stockholders have approved the merger of Friendly’s with Freeze Operations Inc, an affiliate of Sun Capital Partners Inc. Based on preliminary results, of the 6,741,438 shares voted, approximately 98.5% were voted in favor of the merger.
Under terms of the merger agreement, Friendly’s stockholders will receive $15.50 in cash, without interest and less any applicable withholdings, for each share of Friendly’s common stock issued and outstanding at the effective time of the merger (other than shares held in Friendly’s treasury and shares held by any of the firm's wholly owned subsidiaries).
Sun Capital Partners is a private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies.
Friendly’s is a vertically integrated restaurant company serving signature sandwiches, entrees, and ice cream desserts in 515 company and franchised restaurants throughout the Northeast. The company also manufactures ice cream, which is distributed through more than 4,000 supermarkets and other retail locations.