Heinz shareholders on Tuesday overwhelmingly backed an acquisition by Warren Buffett's Berkshire Hathaway and 3G Capital, a private equity firm.
Following the February announcement that Heinz would be sold for a record $28 billion, the company's shareholders voted Tuesday on the deal. Ninety-five percent of shareholders approved the takeover.
“The Board and I want to thank our shareholders for approving this historic merger agreement,” said William R. Johnson, Heinz chief executive and chairman. “With today’s convincing vote, Heinz shareholders have confirmed their support for this extraordinary transaction and its record valuation of Heinz.”
Heinz shareholders will gain $72.50 in cash for each share of stock they own, the company said.
Bernardo Hees will be Heinz's new chief executive beginning July 1 -- or if it comes first, the date the Heinz deal is finalized. Hees is currently chief executive of Burger King Worldwide Inc.