Jul 27, 2004 11:42 AM, from staff and wire reports

Dreyer’s Grand Ice Cream Holdings Inc and Silhouette Brands Inc have entered into an agreement for Dreyer’s to acquire Silhouette, whose product line consists of frozen ice cream snack products.

As part of the agreement, each share of common stock of Silhouette will be converted into the right to receive about $4.76 in cash. Each share of preferred stock of Silhouette will be converted into the right to receive about $6.56 in cash. The transaction has been approved by the boards of directors of both Silhouette and Dreyer’s and the holders of a majority of the outstanding stock of Silhouette.

Founded in 1994, Silhouette has marketed low-fat and low-carb ice cream snacks under its brands Skinny Cow and Skinny Carb.

Before this agreement, Dreyer’s served as national distributor for Silhouette. After the acquisition, Dreyer’s anticipates significant administrative, selling, and management synergies; reduced costs; and raw material sourcing improvements.