Feb 14, 2013 8:13 AM by ASSOCIATED PRESS
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 This material may not be published, broadcast, rewritten or redistributed.)
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at email@example.com, and include the name of the story and information on the comment.
Thank you! KSBY.com