Kendall Law Group Announces Development in Del Monte Foods Co. Acquisition Investigation
November 29 2010 - 2:32PM
Business Wire
Kendall Law Group, a national securities firm led by a former
federal judge, announces additional information regarding Del Monte
Foods Co. (NYSE:DLM) in connection with the proposed acquisition by
Kohlberg Kravis Roberts (KKR), Vestar Capital Partners and
Centerview Partners. The firm is investigating whether Del Monte
properly shopped the Company prior to entering into the agreement.
This possible breach of fiduciary duty may have kept the Company
from reaching a deal that would provide better value of the
Company. If you are a Del Monte shareholder and would like
additional information about your rights, you are encouraged to
contact the Kendall Law Group at 877-744-3728 or by email at
skendall@kendalllawgroup.com.
Over the Thanksgiving holiday, Del Monte announced its entry
into a definitive merger agreement under which Del Monte would be
taken private by KKR, Vestar Capital Partners and Centerview
Partners in a transaction valued at approximately $4 billion. Del
Monte/DLM shareholders would receive $19.00 per share for each
share of common stock held. Under the terms of the agreement, Del
Monte would face a $60 million termination fee if it takes another
bidder's offer or a $120 million fee if they do not complete the
deal due to other circumstances. KKR purchased Del Monte in 1989 as
part of its buyout of RJR Nabisco, which owned Del Monte. Although
the merger agreement provides a “go-shop” period that will expire
in January of 2011, two months may not be an adequate amount of
time for potential suitors to perform their due diligence. The firm
believes the transaction may be undervaluing the company.
Kendall Law Group was founded by former federal judge Joe
Kendall, includes a former United States Attorney, prosecutors and
securities lawyers who are experienced in complex securities
litigation. The firm has been counsel in numerous merger and
acquisition cases nationwide, including some of the largest
transactions in the United States.
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