Dean Foods Co (DF.N) confirmed on Wednesday that it is weighing a sale of its Morningstar division, in a deal that could be worth more than $1 billion and lead to a break-up of the largest dairy company in the United States.
The company said it recently decided to explore a transaction for Morningstar, the smallest of its three segments, as part of its goal to maximize shareholder value, confirming a Reuters report earlier on Wednesday that cited unnamed sources.
The company's stock closed up 5.5 percent on the New York Stock Exchange on Wednesday and was up 81 percent from a year ago.
"We have not yet identified a buyer for Morningstar, but we know this business possesses an attractive portfolio in a growing marketplace and a top-notch management team," Dean said in a statement.
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