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By Market News Video Staff, Friday, November 26, 8:44 AM ET
Del Monte Foods Company (DLM) has announced it has agreed to be acquired by an investor consortium including affiliates of Kohlberg Kravis Roberts (NYSE:KKR), Vestar Capital Partners, and Centerview Partners, for $19 per share in cash. The transaction is valued at $5.3 billion, including $1.3 billion in assumed debt. The price is a 40% premium over Del Monte’s average closing price for the past three months. Unless Del Monte receives a better offer, the deal is expected to close by the end of the third quarter of 2011.
Del Monte shares are trading higher by 4.2% this morning, after jumping above $18 per share on Wednesday afternoon.
At 4.44% of the fund, Del Monte is the fifth-largest holding in the First Trust Consumer Staples AlphaDEX Fund (AMEX:FXG). Herbalife (NYSE:HLF) is the top stock in the fund, at 5.29%, followed by Bunge (NYSE:BG) at 4.84% and CVS Caremark (NYSE:CVS) at 4.63%.
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