Brands and products you miss, that went out of business or changed

[HiPointDem]

444. according to this, that story is myth.

This article aims to dispel the idée fixe that corporate law compelled
Ben & Jerry’s directors to accept Unilever’s rich offer, overwhelming
Cohen and Greenfield’s dogged efforts to maintain the
company’s social mission and independence...

For a while the company thrived, but in the early to mid-1990s,
Ben & Jerry’s once-stellar financial performance began to lag...In 1994, the company’s annual report disclosed that sales
growth slowed and it had suffered its first financial loss. By 1999 the
stock had dropped nearly 50 percent from its peak, because of the
company’s weaker financial performance. Some investors argued that
the company’s social mission was a luxury it could no longer afford.

Ben & Jerry’s anemic stock performance attracted interest from
prospective buyers who thought they could manage the company
more profitably. Dreyer’s Grand Ice Cream tried to buy the company
in 1998, but Ben & Jerry’s board refused.

Other buyers were rumored
to be interested when in early 2000, Cohen and a group of investors
(including Body Shop founder Anita Roddick) offered to take
the company private at $38 a share—about double the stock price
of a few months earlier.11 Dreyer’s made another bid, which in turn
prompted Unilever to offer $43.60 a share. Although Unilever spoke
about nurturing the social mission, many observers were skeptical.

Despite reported reluctance, Ben & Jerry’s board announced on
April 11, 2000, that it had approved Unilever’s offer. (Melodramatically,
some refer to this day as “4/11.”) The transaction, valued at $326 million,
was finalized with overwhelming shareholder support. Cohen’s
and Greenfield’s shares were worth close to $40 million and $10 million
respectively....

It is widely believed that corporate law forced Ben & Jerry’s directors
to accept Unilever’s rich offer and sell the company. This perception
reflects the erroneous view that corporate directors must always act
to maximize shareholder value...By the time Unilever approached Ben & Jerry’s in early 2000, the
company was well defended. Its founders, lawyers, and lobbyists
had taken many steps to prevent a hostile takeover....

http://www.ssireview.org/articles/entry/the_truth_about_ben_and_jerrys