Ocean Spray Likely Sells Nantucket Nectars by Year-End,
Says Executive. Lawsuit vs Ocean Spray.

Informed executive says Ocean Spray board has decided to sell Nantucket Nectars, but no deal in place yet (BD 9/14/01). Says Ocean Spray would like to complete deal by year-end; notes, "it should happen by year-end, though, as with any case like this, you never know for sure." Executive says Coke most likely buyer, but adds Cadbury also has shown interest. Ocean Spray owns about 80% of Nantucket Nectars; 20% owned by founders Tom First and Tom Scott. Ocean Spray sale? Executive also predicts Ocean Spray, itself, will not be sold any time soon. Notes some growers are in favor of it, but several large growers aren't.

Lawsuit. On Sept. 27, cranberry grower -- New Jersey-based A.R. Demarco Enterprise -- sues Ocean Spray plus its CEO and several board members. Lawsuit contains multiple allegations, but many relate to alleged "refusal of Ocean Spray to entertain merger and sale proposals." Ocean Spray executive: "This suit is without merit. It raises the same claims that the pro-sale group campaigned around unsuccessfully last year."