Judge: Heinz Sale Can Proceed
A Pittsburgh judge has dismissed multiple lawsuits over the proposed $28 billion buyout of H.J. Heinz Co.
The ruling issued Monday afternoon by Judge Christine A. Ward means that shareholders can proceed with a Tuesday morning vote on the buyout in New York.
Heinz spokesman Michael Mullen says the company is pleased with the decision, and expects shareholders to “overwhelmingly approve” the $72.50-per-share sale. U.S. authorities have already signed off on the sale.
The Pittsburgh-based company known for its ketchup had announced in February that it was being acquired and taken private by Warren Buffett’s Berkshire Hathaway and 3G Capital, a private investment firm run by Brazilian billionaires.
The lawsuit had claimed that the deal shortchanges shareholders.
U.S. District Judge David S. Cercone previously dismissed similar federal lawsuits.
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