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Ying Li Sherry Liu

Ying Li Sherry 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.

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Ying Li Sherry Liu

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  1. Ying Li Sherry Liu

  2. 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!

  3. Ben & Jerry’s Myth 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

  4. 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

  5. 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

  6. 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!!!

  7. What’s next? • Dreyer’s Grand Ice Cream Pro: Distribution by direct store-delivery system, Pro-community support Con: Ben & Jerry’s obligation, Stock purchase price • Unilever Pro: Diversified portfolio, largest producer of ice cream, bid price Con: Social mission, quality vs. quantity

  8. What’s next? • Meadowbrook Lane Capital Pro: Socially responsible, tender offer indeed Con: New management team, portfolio • Chartwell Investments Pro: Independence, experience Con: Board of Directors, new management team

  9. 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?

  10. Choose your flavor Who did you recommend? • Dreyer’s Grand • Unilever • Meadowbrook Lane • Chartwell • None - Stay the same!

  11. The End…or is it?

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