Heinz Deal Takes Big Step Toward Completion

H.J. Heinz Company shareholders vote to approve and adopt the previously announced merger agreement providing for the acquisition of Heinz by an investment consortium comprised of Berkshire Hathaway and an investment fund affiliated with 3G Capital. Heinz shareholders overwhelmingly approved the deal, with approximately 95 percent of the votes cast at a special meeting voting in favor of the merger agreement, representing approximately 60 percent of Heinz’s outstanding common stock as of March 18, 2013, the record date for the special meeting.

 

“The Board and I want to thank our shareholders for approving this historic merger agreement,” says William R. Johnson, Heinz chairman, president and CEO. “When this transaction was announced on February 14, I said that it would provide tremendous value to Heinz shareholders. With today’s convincing vote, Heinz shareholders have confirmed their support for this extraordinary transaction and its record valuation of Heinz.”

 

The transaction remains subject to certain customary closing conditions, including receipt of certain remaining regulatory approvals, and is expected to close late in the second calendar quarter of 2013 or in the third calendar quarter of 2013. Heinz has received antitrust clearance in the United States, Brazil, India, South Korea, Japan, Israel, Mexico, South Africa and Ukraine. The company is waiting for antitrust clearance in China, the European Union and Russia. Additionally, Heinz has filed for other regulatory approvals in New Zealand, Ireland and Russia.

 

At the closing of the transaction, Heinz shareholders will receive $72.50 in cash for each share of common stock they own, in a transaction valued at $28 billion, including the assumption of Heinz’s outstanding debt.

 

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