Under the terms of the agreement, which has been unanimously approved by Heinz’s board of directors, Heinz shareholders will receive $72.50 in cash for each share of common stock they own, in a transaction valued at $28bn, including the assumption of Heinz’s outstanding debt.
Heinz chairman, president and CEO William R Johnson, said: “The Heinz brand is one of the most respected brands in the global food industry and this historic transaction provides tremendous value to Heinz shareholders.
“We look forward to partnering with Berkshire Hathaway and 3G Capital, both greatly respected investors, in what will be an exciting new chapter in the history of Heinz.
“With Heinz stock recently at an all-time high and 30 consecutive quarters of organic top line growth, Heinz is being acquired from a position of strength. As a private enterprise, Heinz will have an opportunity to drive further growth and advance our commitment to providing consumers across the globe with great-tasting, nutritious and wholesome products.”
Source: HJ Heinz Company
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