Friendly Ice Cream Corporation Announces Stockholder Approval of Merger

31/08/07 Friendly Ice Cream Corporation announced that the stockholders of Friendly's approved the merger of Friendly's with Freeze Operations, Inc., an affiliate of Sun Capital Partners, Inc. Based on preliminary results, of the 6,741,438 shares voted, approximately 98.5% were voted in favor of the merger.

Under the terms of the merger agreement, Friendly's stockholders will receive $15.50 in cash, without interest and less any applicable withholdings, for each share of Friendly's common stock issued and outstanding at the effective time of the merger (other than shares held in Friendly's treasury and shares held by any of Friendly's wholly-owned subsidiaries). Closing of the transaction is expected to occur on August 30, 2007.