WhiteWave Shareholders Expected to Back Danone Bid

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WhiteWave Shareholders Expected to Back Danone Bid

WhiteWave Foods Co. shareholders this week are expected to support a $10.4 billion takeover bid by French dairy giant Danone SA, despite concerns among some investors and organic industry groups about the deal, according to The Wall Street Journal.
Proxy advisory firms Glass Lewis & Co. and Institutional Shareholder Services issued reports last month recommending common shareholders approve the tie-up, which was announced July 7.

However, after investors initially sent WhiteWave shares soaring, enthusiasm on Wall Street has since fizzled, WSJ reported.
Both WhiteWave and Danone said in regulatory filings that they expect the deal will close by the end of the year. A WhiteWave spokeswoman and a representative for Danone both declined to comment ahead of the vote.
Both WhiteWave, in its Horizon Organic and Wallaby dairy lines, and Danone, with a major stake in Stonyfield yogurt, purchase a large supply of organic milk.

Read the full WSJ article here.

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