Del Monte Foods Stockholders Approve Merger Agreement
07 Mars 2011 - 8:08PM
Business Wire
Del Monte Foods Company (NYSE: DLM) today announced that its
stockholders have voted to approve the proposed merger with an
affiliate of an investor group led by funds affiliated with
Kohlberg Kravis Roberts & Co. L.P., Vestar Capital
Partners and Centerview Capital, L.P.
The merger was approved by holders of approximately 149.8
million shares of the Company’s outstanding common stock;
approximately 1.6 million shares voted against the merger. Of the
shares voted, 99% were voted in favor of the merger and 1% was
voted against the merger.
Upon consummation of the merger, Del Monte Foods stockholders
will receive $19.00 in cash for each share of Del Monte Foods
common stock. The transaction is expected to close this week.
About Del Monte Foods
Del Monte Foods is one of the country’s largest and most
well-known producers, distributors and marketers of premium
quality, branded pet products and food products for the U.S. retail
market, generating approximately $3.7 billion in net sales in
fiscal 2010. With a powerful portfolio of brands, Del Monte
products are found in eight out of ten U.S. households. Pet food
and pet snacks brands include Meow Mix®, Kibbles ‘n Bits®,
Milk-Bone®, 9Lives®, Pup-Peroni®, Gravy Train®, Nature’s Recipe®,
Canine Carry Outs® and other brand names. Food product brands
include Del Monte®, Contadina®, S&W®, College Inn® and other
brand names. The Company also produces and distributes private
label pet products and food products. For more information on Del
Monte Foods Company (NYSE: DLM) visit the Company’s website at
www.delmonte.com.
Del Monte. Nourishing Families. Enriching Lives. Every
Day.TM
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains forward-looking statements.
Statements that are not historical facts, including statements
about beliefs or expectations, are forward-looking statements.
These statements are based on plans, estimates and projections at
the time Del Monte Foods Company makes the statements and readers
should not place undue reliance on them. In some cases, readers can
identify forward-looking statements by the use of forward-looking
terms such as “may,” “will,” “should,” “expect,” “intend,” “plan,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,” or
“continue” or the negative of these terms or other comparable
terms. Forward-looking statements involve inherent risks and
uncertainties and the Company cautions readers that a number of
important factors could cause actual results to differ materially
from those contained in any such forward-looking statement. Factors
that could cause actual results to differ materially from those
described in this press release include, among others:
uncertainties as to the timing of the merger; the possibility that
various closing conditions for the merger may not be satisfied or
waived; general economic and business conditions; and other
factors. Readers are cautioned not to place undue reliance on the
forward-looking statements included in this press release, which
speak only as of the date hereof. The Company does not undertake to
update any of these statements in light of new information or
future events.
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