A Happy Ending?

The Friendly's Ice Cream saga reached a tentative conclusion yesterday with the apparent sale of the Company to a private equity concern for a modest (8%) premium over the last stock price.

Both management and Friendly's co-founder and current shareholder activist Pres Blake seemed somewhat happy with the result, although it was not his preference to sell the company:

If selling it gets rid of the chairman and the directors, this is the best for the stockholders, and the stockholders is what I'm interested in.

Now it's up to Sun Capital to turn Friendly's around.