Food products maker Del Monte Foods Co. (DLM) said February 18 in a filing with the Securities and Exchange Commission, or SEC, that the company had hired privately-owned Perella Weinberg, a financial services firm, to seek alternative acquisition bids. Perella Weinberg will receive a retainer of $1 million, and a further transaction fee of $4 million if another potential acquirer is found and that acquisition completed.
This follows in the wake of the Delaware Court of Chancery's of February 14 which impose a 20-day delay in voting on the proposed acquisition by funds affiliated with Kohlberg Kravis Roberts & Co., Vestar Capital Partners and Centerview Partners. The group offered Del Monte shareholders $19 per share in cash. Subsequently, Del Monte's Board postponed its February 15 shareholder meeting until March 7.
The 45-day "go-shop" period agreed upon per the acquisition agreement ended January 8.
On Friday, Del Monte closed at $18.94 on the NYSE.
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