Friendly Ice Cream stockholders approve merger with Sun Capital affiliate

By Lisa Kerner

Charlotte, N.C., Aug. 29 - Friendly Ice Cream Corp. stockholders approved the company's merger with Freeze Operations, Inc., an affiliate of Sun Capital Partners, Inc., it was announced on Wednesday.

Preliminary results show that 98.5% of the 6,741,438 shares voted were in favor of the deal, which gives stockholders $15.50 cash per share.

The transaction is expected to close on Aug. 30.

On June 18, Friendly Ice Cream entered into a definitive agreement to be acquired by the Sun Capital affiliate for about $337.2 million.

Friendly Ice Cream is a Wilbraham, Mass.-based restaurant company.

Sun Capital Partners is a private investment firm focused on leveraged buyouts, equity, debt and other investments. The company has offices in Boca Raton, Fla., Los Angeles and New York.

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