H.J. Heinz Co. (HNZ) on Friday announced the completion of its acquisition by an investment consortium comprised of Berkshire Hathaway (BRKA, BRKB) and an investment fund affiliated with 3G Capital.
Heinz shareholders will receive $72.50 in cash for each share of common stock they owned as of the effective time of the merger, without interest and less any applicable withholding taxes.
As a result of the completion of the merger, the common stock of Heinz will no longer be listed for trading on the New York Stock Exchange and Heinz expects no further trading after the close of business on June 7.
In February, Ketchup king H.J. Heinz agreed to be taken private by an investment consortium comprised of billionaire investor Warren Buffett's Berkshire Hathaway, and New York-based investment fund 3G Capital in a deal valued at about $28 billion, including assumed debt. The deal is deemed as the largest ever in the food industry.
As previously announced, Bernardo Hees has become Chief Executive Officer of Heinz, effective immediately.
William Johnson, who is credited with transforming Heinz into a high-performing global leader in the packaged foods industry, today retired from his position as Heinz's Chairman, President and CEO, after a 31-year career with the company, including the last 15 plus years as CEO. Going forward, Johnson will serve as a part-time advisor to Bernardo Hees on certain specific industry and strategic non-operating matters.
Heinz also announced that Paulo Basilio has become Chief Financial Officer of Heinz, effective immediately. Basilio will report directly to Heinz CEO Bernardo Hees.
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