Heinz sets date for vote on company sale
PITTSBURGH (AP) - Shareholders of H.J. Heinz Co. will vote on April 30 whether to sell the ketchup maker to Warren Buffett's Berkshire Hathaway and 3G Capital for $23.3 billion.
Heinz also said Wednesday that antitrust regulators approved the deal early, clearing one of the conditions to completing the transaction.
Heinz shareholders will receive $72.50 in cash for each share they own if the deal is approved.
Based on Pittsburgh-based Heinz's number of shares outstanding, the deal is worth $23.3 billion. Including debt, the deal is worth about $28 billion.
Berkshire Hathaway Inc., based in Omaha, Neb., is putting up $12.12 billion in return for half of the equity in Heinz, as well as $8 billion of preferred shares that pay 9 percent. Brazil's 3G Capital will run Heinz.
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