Del Monte Pacific Ltd., the Philippines-based pineapple, tomato and fruit juices company, agreed to buy the consumer food business of closely held U.S. foodmaker Del Monte Foods Co. for $1.68 billion to expand in the world’s biggest economy.
Procter & Gamble Co. Chief Executive Officer A.G. Lafley, under pressure to revive the consumer- products giant, may have a willing buyer for its Iams pet-food unit in Meow Mix maker Del Monte Foods Co.
Barclays Plc helped directors of Del Monte Foods Co. arrange the sale of the company to a group led by KKR & Co. for an inadequate price, as the bank worked on both sides of the deal, Del Monte shareholders alleged in newly filed court papers.
Del Monte Foods Co. , the maker of pet foods Meow Mix and Milk Bone, will solicit takeover offers after a judge postponed a $5.3 billion deal with KKR & Co. and suggested adviser Barclays Plc engaged in misconduct.
Del Monte Foods Co. climbed as much as 13 percent in New York trading after the Financial Times said the maker of canned fruit and Meow Mix cat food is in advanced discussions to be taken over by KKR & Co.
Del Monte Foods Co. and an investor group led by funds affiliated with Kohlberg Kravis Roberts & Co. , Vestar Capital Partners and Centerview Partners said they have signed a definitive agreement under which they will acquire Del Monte for $19.00 per share in cash. The transaction, which was unanimously approved by Del Monte’s board, is valued at approximately $5.3 billion, including the assumption of $1.3 billion in debt.