The shareholders of Heinz have approved the previously announced agreement to acquire the company by an investment consortium comprised of Berkshire Hathaway and 3G Capital.
Heinz shareholders approved the deal with approximately 95% of the votes cast in favor of the merger agreement, which represents approximately 60% of Heinz's outstanding common stock as of 18 March 2013.
The transaction is subject to certain customary closing conditions and regulatory approvals and is expected to be completed in the second or third quarter of 2013.
Heinz has received antitrust clearance in the US, Brazil, India, South Korea, Japan, Israel, Mexico, South Africa and Ukraine. However, the approvals are pending from China, the European Union and Russia.
In addition, Heinz has filed for other regulatory approvals in New Zealand, Ireland and Russia.
Following the completion of the transaction, Heinz shareholders will receive $72.50 in cash for each share of common stock, in a transaction valued at $28b, including the assumption of Heinz's outstanding debt.
