Tuesday, May 21, 2013 | 5:05 a.m.
Hi, (not you?) | Member Center | Sign Out
Posted: 11:30 a.m. Thursday, Feb. 14, 2013
By WJAC Web Staff and The Associated Press
NEW YORK —
A company that has been synonymous with the city of Pittsburgh for decades is getting new owners -- one of whom is one of the world's richest men.
H.J. Heinz Co. says it agreed to be acquired by an investment consortium including billionaire investor Warren Buffett in a deal valued at $28 billion.
The announcement was made Thursday morning at a joint news conference from New York City and Omaha, Neb.
Heinz has entered into a merger agreement to be acquired by 3G Capital and Berkshire Hathaway, the firm owned by Buffett.
The new owners vow said that Heinz will remain headquartered in the Pittsburgh.
The company said Heinz shareholders will receive $72.50 in cash for each share of common stock they own. The deal value includes the assumption of Heinz's debt.
Based on Heinz's number of shares outstanding, the deal is worth $23.3 billion, excluding debt.
The per share price represents a 20 percent premium to Heinz's closing price of $60.48 on Wednesday.
© 2013 Sinclair Broadcast Group. By using this website,
you accept the terms of our Visitor Agreement and Privacy Policy, and understand your options regarding Ad Choices
.
Already have an account? Sign In
{* #registrationForm *} {* traditionalRegistration_displayName *} {* traditionalRegistration_emailAddress *} {* traditionalRegistration_password *} {* traditionalRegistration_passwordConfirm *}Already have an account? Sign In
{* #registrationFormBlank *} {* registration_firstName *} {* registration_lastName *} {* traditionalRegistration_displayName *} {* traditionalRegistration_emailAddressBlank *} {* registration_birthday *} {* registration_gender *} {* registration_postalZip *} {* traditionalRegistration_passwordBlank *} {* traditionalRegistration_passwordConfirmBlank *} {* agreeToTerms *}We have sent you a confirmation email. Please check your email and click on the link to activate your account.
We look forward to seeing you frequently. Visit us and sign in to update your profile, receive the latest news and keep up to date with mobile alerts.
Don't worry, it happens. We'll send you a link to create a new password.
{* #forgotPasswordForm *} {* forgotPassword_emailAddress *}We have sent you an email with a link to change your password.
We've sent an email with instructions to create a new password. Your existing password has not been changed.
To sign in you must verify your email address. Fill out the form below and we'll send you an email to verify.
{* #resendVerificationForm *} {* resendVerification_emailAddress *}Check your email for a link to verify your email address.
You're Almost Done!
Select a display name and password
{* #socialRegistrationForm *} {* socialRegistration_displayName *} {* socialRegistration_emailAddress *} {* traditionalRegistration_password *} {* traditionalRegistration_passwordConfirm *}Tell us about yourself
{* registration_firstName *} {* registration_lastName *} {* registration_postalZip *} {* registration_birthday *} {* registration_gender *} {* agreeToTerms *}