H.J. Heinz Co. (HNZ) announced that its shareholders approved merger agreement providing for the acquisition of Heinz by an investment consortium comprised of Berkshire Hathaway (BRKA, BRKB) and an investment fund affiliated with 3G Capital.
Heinz said its shareholders overwhelmingly approved the deal, with approximately 95 percent of the votes cast at today's special meeting voting in favor of the merger agreement, representing approximately 60 percent of Heinz's outstanding common stock as of March 18, 2013, the record date for the special meeting.
The transaction remains subject to certain customary closing conditions, including receipt of certain remaining regulatory approvals, and is expected to close late in the second calendar quarter of 2013 or in the third calendar quarter of 2013.
Heinz noted that it has received antitrust clearance in the United States, Brazil, India, South Korea, Japan, Israel, Mexico, South Africa and Ukraine. The company stated that it is waiting for antitrust clearance in China, the European Union and Russia. Additionally, the company noted that it has filed for other regulatory approvals in New Zealand, Ireland and Russia.
Heinz agreed in mid-February to be taken private by an investment consortium comprised of Berkshire Hathaway and 3G Capital for $72.50 per share in cash in a deal valued at about $28 billion, including assumed outstanding debt.
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