"However, DFA wants to buy their assets quickly and cheaply, which doesn't give proper value to all the stakeholders: creditors, bondholders or shareholders.
Dean Foods is owned by and serves more than 14,500 dairy farmer-members representing more than 8,500 dairy farms in 48 states. Dean Foods is proud to introduce new DairyPure ... information to be considered a potential bidder for any or all of the Stalking Horse Assets is currently scheduled for March 31, 2020 at 3:00 p.m. (prevailing Central Time).
The deal was called off after objections from farmers and agriculture advocacy groups as well as members of DFA and Dean shareholders filed a legal document opposing the pending sale, citing concerns about prices, competition and antitrust issues.Documents state that the Texas-based dairy processor and DFA agreed to "mutually terminate" the $425 million asset purchase. "Dean had over $1.26 in equity per share when they were forced into bankruptcy. "A sale to DFA would create a monopoly on milk prices which would not only be bad for the consumer but for the dairy farmers that produce that milk," she said. Dean Foods drops DFA as stalking-horse bidder According to the Kansas City Business Journal, the Dairy Farmers of America (DFA), the largest dairy cooperative by membership in the United States, remains in the running to buy Dean Foods, but it no longer has an inside track.. Daily News | Article Producers alleged that the companies created a monopoly in that part of the country which subsequently impacted milk prices.
"According to a statement from Dean, that while DFA is no longer the stalking horse, the Kansas City-based cooperative is still expected to submit a bid for Dean's assets by the March 30 deadline.Many dairy producers and retailers for the bankrupt milk-processing giant Dean were alerted in late January that the U.S. Department of Justice had launched a federal investigation of DFA's potential acquisition of Dean and the potential impact it would have on prices and competition in the marketplace. KANSAS CITY, Kan. — Dairy Farmers of America (DFA) has reached an agreement with Dean Foods to acquire a substantial portion of Dean’s assets and business. "From what little financial information that we've seen, we believe with the increased demand in the dairy industry that Dean has a greater positive cash flow more than ever."
"The only question is where that value will be directed...DFA sees future profitability, which is why it wants Dean's assets. "Even a conservative calculation evidences that Dean Foods possesses significant value in excess of liabilities," he wrote. "While Dean shareholder Susan Poole says she is glad DFA is no longer the stalking horse bidder (which would set a minimum for the process), she's afraid potential bidders won't have enough financial information nor sufficient time to cast a bid.Poole says many stakeholders are opposed to DFA purchasing Dean Foods for many reasons.In 2007, southeastern dairy producers filed a class action lawsuit against Dean Foods and Dairy Farmers of America along with other companies for violating antitrust laws, according to court documents. Bids may be submitted in the form of an asset purchase or a plan of reorganization. Opponents fear a milk monopoly The New Food Economy by Jessica Fu. Delve deeper into the nuances of organic with these videos.Dean Foods, the largest domestic milk producer, announced on November 12 that it was filing for bankruptcy.We believe that when consumers invest in independent farms, rather than in corporate consolidation, we are provided with the best foods and the highest quality care for the planet.Sign up for The Cornucopia Institute’s eNews and action alerts to stay informed about organic food and farm issues.“There is a pattern of consolidation in the dairy industry that rarely, if ever, benefits the farmers themselves,” continued Burcham, “Farmers that provide milk to Dean Foods will undoubtedly be affected by their bankruptcy filing and any future sale of Dean’s assets.”One of America’s biggest dairy companies, Dean Foods, filed for Chapter 11 bankruptcy on Tuesday, leaving the future uncertain for its milk suppliers, some of whom don’t know whether they can stay in business if their major buyer goes belly up.The Cornucopia Institute encourages consumers to engage with local, organic farmers whenever possible. "The judge is determined to rush this sale through when the process really needs to slow down," she said. Share on Facebook Dairy Farmers of America remains in the running to buy the nation's largest milk processor, but it no longer has an inside track. He hasn't requested that updated (Dean Foods) financials be released to the public or shareholders," she said.
"Dean Foods simply believes that, by avoiding unnecessary litigation regarding procedure and bid protections for DFA, all parties involved, including DFA, will focus on developing competitive and value-maximizing bids," the company said in a statement. The court is expected to hold a hearing on the sale of Dean Foods assets on April 3. "The judge seems to be rushing the bidding process through. The attached is the Dean Foods Bankruptcy Update for March 30, 2020. Dean Foods bankrupcy update for March 30, 2020.
The purchase would have included 44 of Dean's frozen and fluid facilities, real estate, equipment, inventory and associated delivery systems, along with various liabilities.
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