National News

Feb 14, 2013 8:13 AM by ASSOCIATED PRESS

Firms including Warren Buffett's to buy Heinz


NEW YORK (AP) - H.J. Heinz Co. says it agreed to be acquired by an investment consortium including billionaire investor Warren Buffett in a deal valued at $28 billion.

The ketchup company said Heinz shareholders will receive $72.50 in cash for each share of common stock they own. The deal value includes the assumption of Heinz's debt. Based on Heinz's number of shares outstanding, the deal is worth $23.3 billion excluding debt.

The per share price represents a 20 percent premium to Heinz's closing price of $60.48 on Wednesday.

Berkshire Hathaway and 3G Capital say Heinz will remain headquartered in Pittsburgh.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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