SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934
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TCBY ENTERPRISES, INC.
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LITTLE ROCK, Ark.--(BUSINESS WIRE)--Feb. 10, 2000--TCBY
ENTERPRISES, INC. (NYSE: TBY - news) today announced that, with
the approval of its Board of Directors, it had entered into a
definitive agreement with Capricorn Investors III, L.P. in which
all shares of common stock of TCBY will be acquired for $6.00 per
share, representing a premium of 68 percent over Wednesday's
closing price. The transaction is valued at approximately $140
million.
An affiliate of Capricorn Investors III, L.P. is the principal
shareholder of Mrs. Fields' Holdings, Inc. which controls other
food concepts such as Mrs. Fields, Pretzel Time, Great American
Cookie Company and Pretzel Maker. The acquisition will provide
the opportunity for these brands to be combined with the TCBY
brand in selected existing locations and in future new locations.
TCBY was founded in 1981 by Frank D. Hickingbotham. The Company
has grown since its beginning to include approximately 3,000
locations throughout the United States and the world. The Company
has master franchisees in 68 countries. TCBY has total brand
awareness of over 90% and is found in most major airports in the
United States. In recent years the Company has added new
locations by cobranding with quick service restaurants and
petroleum locations. Now this expansion can continue while
offering TCBY franchisees the many other brands controlled by
Capricorn.
Frank D. Hickingbotham, Chairman and Chief Executive Officer of
TCBY, said, ``TCBY has been a very important part of our family
since we founded the Company in 1981. It has been difficult to
consider a sale of TCBY. However, after being approached
regarding the acquisition of TCBY we evaluated the many benefits
that could potentially be provided to our franchisees and
shareholders. These benefits were such that we, along with the
Board of Directors, have concluded that this transaction is in
the best interest of our company.''
Larry Hodges, President and Chief Executive Officer of Mrs.
Fields said, ``We are very excited about the opportunity to work
with TCBY franchisees to develop their activities and our own in
tandem. The Hickingbotham family and the many associates and
franchisees of TCBY have created a brand that is highly
recognized and is one that we believe will work in harmony with
our brands. We are eager to work with the TCBY franchisees to
help to expand their volumes through the potential addition of
our other brands in their stores.''
The transaction is subject to approval under the
Hart-Scott-Rodino Act and by the stockholders of TCBY
Enterprises, Inc. The closing of the transaction is anticipated
to occur in the second quarter.
TCBY's stockholders should carefully review the proxy statement
with respect to the transaction, when it is filed with the
Securities and Exchange Commission and becomes publicly
available, before making any decisions concerning the proposed
transaction. When publicly available, the proxy statement may be
obtained for free at the web site maintained by the SEC at
http://www.sec.gov.
Stephens Inc. served as financial advisor to TCBY and Jefferies &
Company, Inc. served as financial advisor to Capricorn.
______________
Contact:
TCBY Enterprises Inc., Little Rock
Stacy Duckett, 501/688-8229
