|FOR IMMEDIATE RELEASE||January 5, 1998|
|Berkshire Hathaway Inc.||International Dairy Queen, Inc.|
|1440 Kiewit Plaza||7505 Metro Boulevard|
|Omaha, NE 68131||Minneapolis, MN 55439|
BERKSHIRE HATHAWAY INC.
INTERNATIONAL DAIRY QUEEN, INC.
Omaha, Nebraska and Minneapolis, Minnesota - Berkshire Hathaway Inc. (NYSE: BRK.A and
BRK.B) and International Dairy Queen, Inc. (NASDAQ:INDQA and INDQB) announced today
that the shareholders of Dairy Queen have approved the acquisition of Dairy Queen by Berkshire
Hathaway through a merger of Dairy Queen into a wholly-owned subsidiary of Berkshire
Hathaway. The merger will be effective January 7, 1998, following the filing of the Merger
Agreement with the Delaware Secretary of State.
In the merger, each Dairy Queen share will be converted into the right to receive, at the election
of the holder, either $27 in cash, .000566079 of a share of Berkshire Class A common stock, or
.016982364 of a share of Class B common stock.
Based on a preliminary review of elections, shareholders representing approximately 45% of
Dairy Queen's outstanding shares elected to receive $27 in cash for their shares. This percentage
is less than the maximum percentage permitted by the merger agreement to be paid in cash and,
therefore, subject to final verification of elections, all shareholders who elected to receive $27 in
cash for their Dairy Queen shares will receive such cash amounts.
Dairy Queen develops, licenses and services a system of more than 5,790 Dairy Queen stores in the United States, Canada and other foreign countries, featuring hamburgers, hot dogs, various dairy desserts, and other beverages; approximately 410 Orange Julius stores in the United States, Canada and other foreign countries, featuring blended drinks from orange juice, fruits and other fruit flavors, along with various snack items; and approximately 45 Karmelkorn shoppes featuring popcorn and other treat items.
Berkshire Hathaway and its subsidiaries engage in a number of diverse business activities.
For information, contact Marc Hamburg at Berkshire (telephone: 402/346-1400) and Chuck Mooty at Dairy Queen (telephone: 612/830-0364).