H.J. Heinz announced Friday (June 7) the completion of its acquisition by an investment consortium comprised of Berkshire Hathaway and an investment fund affiliated with 3G Capital. The acquisition agreement was first announced on February 14.
Heinz shareholders will receive $72.50 in cash for each share of common stock they owned as of the effective time of the merger, without interest and less any applicable withholding taxes.
As a result of the completion of the merger, the common stock of Heinz will no longer be listed for trading on the New York Stock Exchange and Heinz expects no further trading after the close of business on June 7.
As previously announced, Bernardo Hees has become CEO of Heinz, effective immediately.
“I am honored today to become Heinz’s seventh CEO in the Company’s renowned 144 year history. I look forward to building upon Heinz’s incredible platform and delivering world-class products for all of our consumers around the world, while maintaining the Company’s unwavering commitment to quality, safety and superior customer service,” Hees noted in the release.
William R. Johnson, who is credited with transforming Heinz into a high-performing global leader in the packaged foods industry, retired on Friday from his position as Heinz’s Chairman, President and CEO, after a storied 31-year career with the company, including the last 15 plus years as CEO.
Going forward, Johnson will serve as a part-time advisor to Hees on certain specific industry and strategic non-operating matters.
Heinz also announced that Paulo Basilio has become chief financial officer of Heinz, effective immediately. Basilio will report directly to Hees.
Basilio, 38, is a partner at 3G Capital.
“I also want to thank Art Winkleblack for his service to Heinz and wish him the very best in his future endeavors,” Hees said.