Key Developments: H.J. Heinz Co (HNZ)
72.46USD
22 May 2013
$0.01 (+0.01%)
$72.45
$72.46
$72.46
$72.43
2,756,100
3,293,892
$72.70
$52.29
Latest Key Developments (Source: Significant Developments)
Bernardo Hees To Be Appointed Chief Executive Officer Of H.J. Heinz Co Following Completion Of Acquisition By 3G Capital And Berkshire Hathaway
3G Capital and Berkshire Hathaway announced that Bernardo Hees will become Chief Executive Officer of H.J. Heinz Company upon completion of the previously announced acquisition of Heinz by an investment consortium comprised of Berkshire Hathaway and 3G Capital. Under the terms of the previously announced transaction with 3G Capital and Berkshire Hathaway, at the closing of the transaction, Heinz shareholders will receive $72.50 in cash for each share of common stock they own, in a transaction valued at $28 billion, including the assumption of Heinz's outstanding debt. The transaction is expected to close late in the second calendar quarter of 2013 or in the third calendar quarter of 2013. Full Article
Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against H.J. Heinz Co
Robbins Geller Rudman & Dowd LLP announced that a class action has been commenced in the United States District Court for the Western District of Pennsylvania on behalf of holders of H.J. Heinz Co common stock on February 14, 2013, in connection with the proposed acquisition of Heinz by Berkshire Hathaway, Inc. (Berkshire) and 3G Capital Management, LLC (3G Capital) (the Proposed Acquisition). The complaint charges the Heinz Board of Directors (the “Board”), Berkshire and 3G Capital with violations of the Securities Exchange Act of 1934 (“1934 Act”) and breaches of fiduciary duty and/or the aiding and abetting of such breaches in connection with the Proposed Acquisition. Heinz is the most global of all U.S.-based food companies, providing nutritious and convenient foods for families in 200 countries around the world. The complaint also alleges that the Board, Berkshire and 3G Capital violated §§14(a) and 20(a) of the 1934 Act by issuing a false Proxy Statement in connection with the Proposed Acquisition on March 4, 2013. The Proxy Statement contains a number of false and misleading statements that are material to shareholders who are expected to rely upon the Proxy Statement to determine whether to approve the Proposed Acquisition. These include facts relating to: (a) the strategic alternatives available to the Company; (b) the financial projections relied on by the Board’s financial advisors in their valuation analyses. Full Article
H.J. Heinz Co Declares Quarterly Dividend
H.J. Heinz Co announced a 51.5 cents per share on the Company`s 25 cent par value Common Stock payable April 10, 2013 to shareholders of record at the close of business on March 25, 2013. Full Article
Levi & Korsinsky, LLP Notifies Investors Of Claims Of Breaches Of Fiduciary Duty By Board Of H.J. Heinz Company In Connection With Sale Of Company To Consortium
Levi & Korsinsky notifies investors of H.J. Heinz Company (Heinz or the Company) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to a consortium comprised of Berkshire Hathaway and 3G Capital. A complaint was filed in Pennsylvania state court. Under the terms of the transaction, Heinz shareholders will receive $72.50 for each share of Heinz stock they own. The claims concern whether the Heinz Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether Berkshire Hathaway and 3G are underpaying for Heinz shares, thus unlawfully harming Heinz stockholders. Full Article
The Law Firm of Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of H.J. Heinz Co
Levi & Korsinsky announced that is investigating the Board of Directors of H.J. Heinz Co (Heinz or the Company) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to a consortium comprised of Berkshire Hathaway and 3G Capital. The investigation concerns whether the Heinz Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether Berkshire Hathaway and 3G are underpaying for Heinz shares, thus unlawfully harming Heinz stockholders. Full Article
Law Firm Brower Piven Announces Investigation Of H.J. Heinz Co Proposed Buyout
The securities litigation firm of Brower Piven announced that it has commenced an investigation into possible breaches of fiduciary duty to current shareholders of H.J. Heinz Co and other violations of state law by the board of directors of Heinz relating to the proposed acquisition of the Company by Berkshire Hathaway and 3G Capital. The firm`s investigation seeks to determine, among other things, whether the board of directors of Heinz breached their fiduciary duties by failing to maximize shareholder value. Full Article
Ryan & Maniskas, LLP Announces Investigation of H.J. Heinz Co
Ryan & Maniskas, LLP announced that it is investigating potential claims against the board of directors of H.J. Heinz Co ("Heinz" or the "Company") concerning possible breaches of fiduciary duty and other violations of law related to the Company's efforts to sell the Company to a consortium comprised of Berkshire Hathaway and 3G Capital in a transaction valued at approximately $23 billion. Investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by the Company's board of directors; in particular, whether the Company undertook a fair process to obtain fair consideration for all shareholders of Heinz. Full Article
Faruqi & Faruqi LLP Is Seeking More Cash For Shareholders Of H.J. Heinz Co
Faruqi & Faruqi, LLP announced that it is investigating the Board of Directors of H.J. Heinz Co for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Berkshire Hathaway and 3G Capital in a deal valued at $28 billion. Under the terms of the proposed transaction, Heinz`s stockholders will receive $72.50 in cash for each share of Heinz common stock they own.The investigation focuses on whether Heinz`s Board of Directors breached their fiduciary duties to the Company`s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Heinz`s shareholders. Full Article
The Law Firm of Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of H.J. Heinz Co In Connection With Sale Of Company To Consortium
Levi & Korsinsky announced that it is investigating the Board of Directors of H.J. Heinz Co (Heinz or the Company) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to a consortium comprised of Berkshire Hathaway and 3G Capital. The investigation concerns whether the Heinz Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether Berkshire Hathaway and 3G are underpaying for Heinz shares, thus unlawfully harming Heinz stockholders. Full Article
Law Firm Brower Piven Announces Investigation ofH.J. Heinz Co
The securities litigation firm of Brower Piven has commenced an investigation into possible breaches of fiduciary duty to current shareholders of H.J. Heinz Co (Heinz or the Company) and other violations of state law by the board of directors of Heinz relating to the proposed acquisition of the Company by Berkshire Hathaway and 3G Capital. The firm`s investigation seeks to determine, among other things, whether the board of directors of Heinz breached their fiduciary duties by failing to maximize shareholder value. Full Article
Burger King stock up on profit view, CEO going to Heinz
- Burger King Worldwide Inc forecast a slightly higher quarterly profit on Thursday than Wall Street expected, even though spending among fast-food diners remains weak.
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