Del Monte, the US food production and distribution company known for its "man from Del Monte" ads, is set to be taken over by a group of private equity firms led by Kohlberg Kravis Roberts for $5.3bn (£3.3bn), in one of the year's largest private-equity buyouts.
The San Francisco-based business produces canned fruit and vegetables along with pet food including Milk-Bone dog biscuits and Meow Mix cat food. Earlier this year KKR bought Pets at Home, Britain's leading supplier of dog collars, bedding and premium food, for £955m.
KKR along with buyout funds Vestar Capital Partners and Centerview Partners have offered $19 a share in cash for Del Monte. The price represents a premium of 40% over the food company's average closing share price during the past three months prior to 18 November.
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