EXHIBIT 99.1
[IBC LETTERHEAD]
NEWS RELEASE
Kansas City, Missouri
July 24, 2000
Interstate Bakeries Corporation (NYSE-IBC) today announced an agreement to
purchase from Ralston Purina Company ("RPC") 15,498,000 shares of IBC's common
stock currently owned by RPC. The transaction, scheduled to be completed no
later than September 1, 2000, will reduce RPC's holdings to 29.5% of IBC's then
outstanding shares. The price per share payable by IBC shall be the average
closing price per share of IBC trading on the New York Stock Exchange for the
most recent 20 consecutive trading days ending on and including July 31, 2000.
IBC also announced that it has amended the Shareholder Agreement with RPC. Under
the amended Agreement, the provision requiring that RPC reduce its ownership to
no more than 20% of IBC's common stock by September 30, 2000, has been
eliminated. RPC will still be required to reduce its ownership to 15% by August
1, 2004 and to 10% by August 1, 2005. IBC will continue to have the right of
first offer on disposal of any IBC stock owned by RPC.
IBC is the nation's largest wholesale baking company with 66 bread and cake
bakeries located in strategic markets from coast-to-coast. The company is
headquartered in Kansas City, Missouri.
For information on the Company, please contact:
Frank W. Coffey
Senior Vice President & Chief Financial Officer
Interstate Bakeries Corporation
12 East Armour Boulevard
Kansas City, Missouri 64111
(816) 502-4000
or [email protected]
