Thursday, November 18, 2010

Del Monte Foods Jumps On Buyout Rumor

Shares of Del Monte Foods Co. (NYSE: DLM) jumped more than 13% in Friday's pre-market trading on speculation that the company could be a takeover target. According to Reuters, private equity firm Kohlberg Kravis Roberts & Co (NYSE: KKR) is in advanced talks to acquire the food and pet products company. KKR offered $18.50 a share for Del Monte. An offer of $18.50 a share would value the company at about $3.58 billion. The two sides aim to complete an agreement by December 2 when Del Monte reports its quarterly earnings. (Updated)

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