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SBT Acquisition Inc. Successfully Completes Tender Offer for Shares of Lifecore Biomedical, Inc.
Date:3/21/2008

NEW YORK, March 21 /PRNewswire/ -- SBT Acquisition Inc., a wholly owned subsidiary of SBT Holdings Inc., which is wholly owned by Warburg Pincus Private Equity IX, L.P., has successfully completed the tender offer for all of the outstanding shares of common stock of Lifecore Biomedical, Inc. (Nasdaq: LCBM). The tender offer expired, as scheduled, at 5:00 p.m., New York City time, on Thursday, March 20, 2008.

The depositary for the offer has advised that, as of the expiration of the offer, a total of approximately 12,769,687 shares of Lifecore's common stock were validly tendered and not withdrawn in the offer (including shares tendered by notices of guaranteed delivery), representing approximately 94.18% of the outstanding shares of common stock of Lifecore. SBT Acquisition Inc. accepted for payment, in accordance with the terms of the offer, all shares that were validly tendered and not withdrawn prior to the expiration of the offer, and payment for such shares will be made promptly in accordance with the terms of the offer.

Pursuant to the terms of the previously announced Merger Agreement, dated as of January 15, 2008, SBT Holdings Inc. and SBT Acquisition Inc. expect to effect a merger of SBT Acquisition Inc. with and into Lifecore Biomedical, Inc., with Lifecore Biomedical, Inc. as the surviving corporation. In the merger, SBT Holdings Inc. will acquire all other shares of Lifecore Biomedical, Inc.'s common stock at the same $17.00 per share net to the seller in cash, without interest and less any required withholding taxes, if any, that will be paid to the holders of shares of common stock that were tendered in the offer. As a result of the merger, Lifecore Biomedical, Inc. will become a wholly owned subsidiary of SBT
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SOURCE SBT Acquisition Inc.
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