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3.Do you think the current takeovers are justifiable?

We consider that some of the offers are not justified because of way they were presented; we are listing the different offers and our opinionin the following paragraphs.

• Unilever’s Offer.
This offer is not justifiable because it has been transformed from a joint venture and distribution agreement to a take over offer,because the relationship changed in a negative way, breaking the will to establish an alliance and willing to acquire the company offering the most attractive offer per share.

• Dreyer’s Grand’sOffer.
This offer was the most consistent with the main objective of B&J’s creation, and it was the most convenient for Ben and Jerry’s because of the way the business unit was going to operate,almost independently, we think that if B&J wanted to keep following the objective of being the “people’s ice cream”; this was the most reasonable offer, but the share price was not that attractiveas the others.

• Meadowbrook Lane’s offer.
Two aspects of this offer were attractive to B&J’s interests, the independent operation of the company, and the social interest activities; buteven it had an attractive share price, wasn’t convenient because it sacrificed the management team,

• Chartwell’s offer.
This was the less attractive proposal but is normal coming froman investing firm instead of an ice cream company. It fully replaced the management team and could have more power on the company’s decisions by becoming part of the preferred stock members, thispower acquisition was not justifiable because they din not offer a good share price but an investment, so this offer was not an option.

4.Should Henry Morgan defend the agenda of the current managementteam or support one of the acquisition offers?

Henry Morgan should support the agenda of the current management because the offer in which the current team was not replaced, compromised the...
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