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Dean Foods Announces Closing Of Offering Of WhiteWave Class A Common Stock Owned By Dean Foods













DALLAS, July 25, 2013 /PRNewswire/ -- Dean Foods (NYSE: DF) today announced the closing of the public offering of 34.4 million shares of Class A common stock of The WhiteWave Foods Company ("WhiteWave"), including approximately 4.5 million shares sold pursuant to the underwriters' over-allotment option. Following the closing of the offering, Dean Foods no longer holds any shares of WhiteWave common stock.  The completion of the offering marks the successful tax-free disposition of the remaining ownership interests held by Dean Foods following the spin-off of a portion of the ownership interests in WhiteWave that occurred in May 2013. The offering was structured as a tax-free transaction and resulted in approximately $589 million of net proceeds to Dean Foods.

"The successful completion of this transaction marks the final step in the strategic realignment of Dean Foods and the complete separation of WhiteWave," said Gregg Tanner, Dean Foods Chief Executive Officer. "We are gratified by the significant stockholder value that has been unlocked over the past year. The proceeds from this transaction significantly strengthen our financial position as we look to execute our strategy going forward, allowing us to invest in the acceleration of our productivity efforts while evaluating options for utilizing our future free cash flow to deliver value to stockholders."

Prior to the closing of the offering, Dean Foods exchanged its shares of WhiteWave Class A common stock that were sold in the offering for indebtedness of Dean Foods that was held by J.P. Morgan Securities LLC and BofA Merrill Lynch, who were two of the underwriters in the offering.  J.P. Morgan Securities LLC and BofA Merrill Lynch then sold these shares of Class A common stock to the underwriters for the offering.  Dean Foods retired all of the debt that was exchanged in the transaction.  More information can be found in Dean Foods' filings with the Securities and Exchange Commission.

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