“Another classic Warren Buffett purchase.
Berkshire Hathaway (along with investment firm 3G) are buying ketchup maker Heinz for $28 billion.
This is a 20% premium from yesterday’s closing price.
The full press release is below
PITTSBURGH & OMAHA, Neb. & NEW YORK–(BUSINESS WIRE)–
H.J. Heinz Company (HNZ) (“Heinz”) today announced that it has entered into a definitive merger agreement to be acquired by an investment consortium comprised of Berkshire Hathaway and 3G Capital.
Under the terms of the agreement, which has been unanimously approved by Heinz’s Board of Directors, 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. The per share price represents a 20% premium to Heinz’s closing share price of $60.48 on February 13, 2013, a 19% premium to Heinz’s all-time high share price, a 23% premium to the 90-day average Heinz share price and a 30% premium to the one-year average share price….”Twitter