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Will big business gobble up Ben and Jerry's? | page 1, 2

Founders Ben Cohen and Jerry Greenfield, along with a shareholder named Jeff Furman, hold 47 percent of the voting shares and are opposed to a buy out. On Monday, Cohen told Vermont public radio that he wants to keep the company local. But they are facing pressure from other shareholders, who want to take the money and run, nearly doubling their investment.

Meanwhile, in Massachusetts, an aggressive 23-year-old named Garret LoPorto created a Web site last week to convince Ben & Jerry's fans to buy shares in the company, and write to the board of directors. The site has over 700 posts urging Cohen and Greenfield not to sell. LoPorto said he bought some shares this week, but not enough to cover the $225 million being bid for the coveted brand name.

"When I heard about this I thought it was totally against everything Ben Cohen says he is. It doesn't seem like selling his business to a global corporation is something he'd go for," said LoPorto. "It's totally contrary to what Ben & Jerry's is."

Visitors to the Save Ben & Jerry's site are asked to sign a petition against what he calls the "liquidation" of the 21-year-old-company.

Joseph Henry, a shareholder from Iowa, said if globalization gobbles up Ben & Jerry's, he'll stop buying the brand. Henry works for Iowans for Sensible Priorities in Des Moines, where he has had opportunities to talk about socially responsible capitalism with Ben Cohen. "Why is Ben & Jerry's so famous? People are turned on by what they do. Their success is driven by people who care about society and there are a lot of people out there who connect with companies like this," he said.

"As a shareholder I say no to any sale. I've seem small industry get bought out by large competitors here in Iowa. They soon move the plants out of state," said Henry. "I want the company to stay as it is." But Henry, with 100 shares of Ben & Jerry's stock, doesn't have voting rights.

Joan Johnson of Philadelphia writes on the Save Ben & Jerry's Web site: "Please don't let a truly unique institution become just a cog in some monolithic wheel. Let's continue to have Cherry Garcia and social conscience together in one entity!"
salon.com | Dec. 16, 1999

 

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About the writer
Kenneth Rapoza is a freelance writer living in Boston.

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