H.J. Heinz Company
) announced Apr 30, 2013 as the scheduled date for a special
shareholder meeting to vote on its pending sale to 3G Capital and
Berkshire Hathaway, Inc.
In mid-Feb 2013, Heinz agreed to be acquired by an investment
group led by Warren Buffet's Berkshire Hathaway and private
Brazilian investment firm 3G Capital for $28 billion, including
At the special meeting to be held in New York, shareholders of
record as of Mar 18, 2013 will be eligible to vote. Moreover, HNZ
also announced early termination of the Hart-Scott-Rodino waiting
period, thus satisfying an important criterion for closure of the
transaction. In addition to shareholders' approval at the special
meeting, the transaction remains subject to some other customary
closing conditions and regulatory approvals.
As per the terms of the pending merger, Heinz's shareholders
will receive $72.50 per share, a 19% premium to its all-time high
share price. The transaction is expected to be closed either by
second quarter end or in the third quarter of this calendar year.
Heinz will become a private company after the completion of the
Berkshire Hathaway, led by Warren Buffett, owns leading
businesses across a variety of industries while 3G Capital is a
global investment firm holding stake in companies like fast food
Burger King Worldwide, Inc
Both Berkshire Hathaway and 3G Capital are known to invest in
iconic businesses and brands and broaden them further. Heinz has
a robust global portfolio of leading brands, which focuses on 3
attractive and growing food categories: ketchup and sauces, meals
and snacks, and infant/nutrition.
The company's largest and fastest-growing product category is
ketchup and sauces led by Heinz, the iconic #1 ketchup brand. The
investment firms are acquiring Heinz from a strong position where
it is consistently delivering solid organic growth, showing
continued and strong improvement in the emerging markets, making
robust marketing investments, continuously innovating and saving
Heinz carries a Zacks Rank #3. Another food company that has
been doing well consistently is
ConAgra Foods, Inc
) - Zacks Rank #2 (Buy).
BURGER KING WWD (BKW): Free Stock Analysis
BERKSHIRE HTH-B (BRK.B): Free Stock Analysis
CONAGRA FOODS (CAG): Free Stock Analysis
HEINZ (HJ) CO (HNZ): Free Stock Analysis
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