Friendly Ice Cream Corp. history
1978: Blakes sell company to Hershey's
The Hershey Foods Corp. offered $162 million, or $23 a share, for Friendly Ice Cream's 7.05 million outstanding shares in December 1978. Friendly's board of directors, including chairman Prestley Blake, unanimously agreed to recommend the Pennsylvania company's offer to shareholders.
At the time, Friendly operated 574 ice cream and sandwich shops and 25 family restaurants in 17 states.