Exhibit 8.

Information about Comparable Companies

Company
Ben & Jerry's
Dreyer's Grand Ice Cream
Empire of Carolina, Inc.
Steve's Homemade Ice Cream
Hershey Foods Corp.
Tootsie Roll Inds.
Eskimo

Sales
97.0
354.9
243.1
35.1
2899.2
207.9
61

Cash
Flow
6.7
24.1
16.8
2.7
292.3
32.5

Operating
Incomea
10.2
37.0
37.4
3.9
463.0
47.2
6

Net
Income

Depreciation & Book Value of

Amortization
Equity

3.7
15.9
8.8
1.8
219.5
25.5
3.6

3.0
8.2
8.0
0.9
72.8
7.0
1.4

26.3
113.1
45.1
11.1
1335.3
152.8

Source: Standard & Poor's, Compustat, and casewriter estimates.

a

Before extraordinary items.

Activities
License Eskimo brand products ice cream
Sub-license Welch and heath br
Dairy
Flavor, packaging and others
Number of employees

Ben & Jerry's

Dreyer's Grand Ice Cream
Empire of Carolina, Inc.

56% Sale of raw material and trademark

24%
20%

130

EV/Sales
1.16
1.63

EV/EBITD
A
8.55
12.79

EV/EBIT
11.07
15.63

P/E ratio
29.76
33.58

PRICE/CASH
FLOW
16.43
22.16

P/B ratio
4.19
4.72

Market Value
of Equity
110.1
534.0
51.4
37.4
4002.5
728.8

Total
Debt
2.8
44.3
89.8
3.1
282.9
0.0

Beta
1.2
1.4
0.3
2.5
1.0
1.0

Steve's Homemade Ice Cream

Hershey Foods Corp.
Tootsie Roll Inds.

1.15
1.48
3.51

8.44
8.00
13.45

10.38
9.26
15.44

20.78
18.23
28.58

13.85
13.69
22.42

3.37
3.00
4.77

1.79
1.48

10.25
8.55

12.36
11.07

26.19
28.58

17.71
16.43

4.01
4.19

Lower limit ratio

Upper limit ratio

1.15
1.63

8.44
12.79

11.07
15.44

28.58
33.58

16.43
22.16

3.00
4.72

Lower level EV
Upper level EV

70.38
99.40

62.44
94.68

66.41
92.64

102.89
120.91

45.44
77.68

49.41
75.64

13.52
23.11

14.70
22.51

Dividend paid
Debt

15
2

Equity value upper limit

Equity value lower limit

53.38
82.40

Number of shares

3.361

Price per share upper limit

Price per share lower limit

15.88
24.52

I believe that the valuation is more or less in line with DCF

14.70
23.38