Del Monte Foods Hits All-Time High On Report Of Takeover Talks |
| Wall Street Journal - Nov 19, 2010 |
Del Monte Foods Co. (DLM) shares hit an all-time Friday after the Financial Times reported the food company is in advanced takeover talks with private-equity firm KKR & Co. (KKR).
The producer of namesake fruits and vegetables and several brands of pet food could reach a deal with KKR within weeks, following several months of discussions about a buyout, the FT reported, citing people familiar with the matter.
Neither Del Monte nor KKR were immediately available for comment.
The price being discussed is around $18.50 a share, the newspaper said, valuing the company at some $3.6 billion. That represents an 18% premium to Thursday's closing price.
Shares gained 9.9% to $17.27 in recent trading, earlier touching an all-time high of $17.72. The stock has been on a fairly steady climb since the end of 2008 when it briefly traded below $6 a share.
Read Full Article from Wall Street Journal
- Posted: 2010-11-19 10:09:16
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