Study Questions Case: Ben & Jerry's Homemade, Inc.

1. Ben & Jerry's (BNJ) mission statement has three dimensions. Using the facts of the case, how well has the company fulfilled each of them? Why did BNJ become a takeover target?

2. Who has the ultimate control of the assets of a publicly-traded company like BNJ at the time of the case? 3. What was the impact of the asset-control devices used by management and the state of Vermont? What other takeover defense strategies are commonly employed by public companies?

4. Complete the Excel template for the valuation of BNJ based on its peer companies' multiples. Are the offer prices reasonable? Should the board accept one of the offers?

5. What actually happened to BNJ? Look it up! 6. From your answer to #5, you will know that BNJ could be impacted by the recent Kraft-Heinz bid to purchase Unilever.

In addition, Warren Buffett is involved, since he was instrumental in negotiating the merger of Kraft and Heinz! Unilever immediately rejected the $143 billion cash-and-stock offer as too low.

Using the techniques of the Buffett and/or BNJ cases, or by reference to an analysis in the financial press, what would be a fair price for Unilever?