Del Monte Foods today (10 January) announced the end of the ‘go-shop’ period that was part of its US$5bn sale to a consortium of private-equity firms.
As part of its agreement with the private-equity firms, Del Monte had the right to solicit alternative acquisition proposals from third parties for 45 days until 8 January. The company said it did not receive any proposals during the ‘go-shop’ period.
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Under the terms of the acquisition, the investor group, which includes KKR, Vestar Capital Partners and Centerview Partners will acquire all outstanding Del Monte stock for US$19 per share in cash.
The deal is expected to close by the end of March and remains subject to regulatory approvals.
