Clarification on Associated Press Report Regarding White Wave's Appeal.Business Editors & Legal Writers BOULDER, Colo.--(BUSINESS WIRE)--Dec. 20, 2001 White Wave, the nation's leading producer of refrigerated soymilk soy·milk n. A milk substitute made from soybeans, often supplemented with vitamins. Noun 1. soymilk - a milk substitute containing soybean flour and water; used in some infant formulas and in making tofu , Silk(R), issues this clarification regarding the Associated Press report on Dec. 19. The AP story reported, "White Wave plans to appeal the dismissal of its federal lawsuit seeking to block the merger of the nation's two biggest dairy processors." White Wave does not seek to prevent the merger between Dean Foods Company (NYSE NYSE See: New York Stock Exchange :DF) and Suiza Foods Corporation (NYSE:SZA SZA Solar Zenith Angles SZA Surf-Zone Array SZA Safety Zone Area ). White Wave is appealing the Dec. 5 dismissal of its lawsuit against Dean Foods and Suiza Foods for violating White Wave's right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. in the Option and Shareholders Agreement. White Wave filed an appeal to the U.S. Court of Appeals in Denver on Monday, Dec. 17. White Wave believes that the merger between Dean Foods and Suiza Foods would result in an unauthorized transfer of an interest in White Wave and seeks to enforce its right of first refusal prior to the completion of the transfer of control of its shares to Suiza. White Wave, headquartered in Boulder, Colorado, is privately held and is one of the most respected manufacturers in the soyfoods industry. Under current management, White Wave's sales have grown at a compound annual rate of over 96 percent over the past four years from approximately $10 million in fiscal 1998 to over $80 million in fiscal 2001. Sales are projected to be in excess of $140 million in fiscal 2002. White Wave is the nation's leading producer of soy products including: Silk soymilk, Silk cultured soy yogurt, Silk creamer, tofu tofu Soft, bland, custardlike food product made from soybeans. Believed to date from China's Han dynasty (206 BC–AD 220), tofu is today an important source of protein in the cuisines of East and Southeast Asia. and tempeh tem·peh n. A high-protein food of Indonesian origin made from partially cooked, fermented soybeans. [Indonesian tempe, from Javanese, soybean cakes.] . |
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