Ying LiYing Li

Sherry LiuSherry Liu

Ben & Jerry’s Myth

• 1977, Jerry’s parents’ house in Merrick, Long Island

• Jerry: Salt of the earth, man of the people

Ben: Adventurer, challenges everything The perfect Duo!• Wanted to start a business… Must be something we enjoy!

Ben & Jerry’s Myth• Brainstorming:

– Becoming popular in big cities– College town– A lot of interaction with customers– What we like to eat…– What about: Ice-cream!

• Research, research, research!– Weather, population, competition, etc.

• Burlington, Vermont• By Jan, 2000, major premium ice cream

producer with over 170 stores worldwide

Ben & Jerry’s Myth

Social Consciousness

• Socially progressive cause and strong commitment to community– Generous donation– Recruiting volunteers from its staff

and public– Annual free cone day– Social-value-led marketing strategy

• Special flavor – social awareness for tropical-rainforest

Financing Decisions

• May, 1984, first public equity financing• 75,000 shares at $10.50 a share for

Vermont residents• However, not always follow traditional

investor-relations practices• Conversation with the Wall Street

Journal:– “I got no idea.”

» Ben Cohen

Corporate Operating Decisions

• Interest in community welfare• New plant in Waterbury

– Feed pigs in local farm with disposed milky water

– Loaned local farmer to buy more pigs– Win-win situation

• Mission Statement: – Product, Economic & Social– Problem!!!

What’s next?

• Dreyer’s Grand Ice CreamPro: Distribution by direct store-

delivery system, Pro-community support

Con: Ben & Jerry’s obligation, Stock purchase price

• UnileverPro: Diversified portfolio, largest producer of

ice cream, bid priceCon: Social mission, quality vs. quantity

• Meadowbrook Lane CapitalPro: Socially responsible,

tender offer indeedCon: New management team,

portfolio

• Chartwell InvestmentsPro: Independence, experienceCon: Board of Directors, new

management team

What’s next?

Fighting Back

• Will the social mission survive?• What about the shareholders?• Which bid is the best bid?

• How do we optimize shareholder value?

• Can we continue to grow?

Choose your flavor

Who did you recommend?A. Dreyer’s GrandB. UnileverC. Meadowbrook LaneD. ChartwellE. None - Stay the same!

The End…or is it?