KKR-Led Group to Buy Del Monte Foods for $4 Billion |
| BusinessWeek - Nov 26, 2010 |
A KKR & Co.-led group agreed to acquire Del Monte Foods Co. in a $4 billion transaction that will give the New York buyout firm pet-food brands such as Meow Mix and Kibbles ‘n Bits.
KKR, Vestar Capital Partners and Centerview Partners will pay $19 a share in cash, San Francisco-based Del Monte said in a statement yesterday. That would be 21 percent higher than the closing price in Nov. 18, the day before takeover talks were reported. The buyers will assume about $1.3 billion in net debt.
The deal brings KKR a pet-food business whose sales have more than doubled in the past four years, bolstered by the purchase of cat-food labels and Milk Bone dog treats. The unit’s revenue climbed 4.6 percent last year, more than twice the rate of the unit that produces canned fruit, accounting for almost half Del Monte’s $3.74 billion in total revenue.
Read Full Article from BusinessWeek
- Posted: 2010-11-26 09:11:06
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