Businessweek

3G%20Capital%20Management%2C%20LLC%20through%20its%20fund%2C%203G%20Special%20Situations%20Fund%20III%20LP%20and%20Berkshire%20Hathaway%20Inc.%20%28NYSE%3ABRK.A%29%20entered%20into%20a%20definitive%20merger%20agreement%20to%20acquire%20H.%20J.%20Heinz%20Company%20%28NYSE%3AHNZ%29%20from%20BlackRock%2C%20Inc.%20%28NYSE%3ABLK%29%20and%20other%20shareholders%20for%20%2423.4%20billion%20in%20cash%20on%20February%2013%2C%202013.%20The%20offer%20per%20share%20is%20%2472.5%20for%20common%20shares%2C%20phantom%20shares%20and%20restricted%20stock%20units%20of%20H.%20J.%20Heinz.%20The%20deal%20also%20involves%20a%20payment%20of%20%24230.8%20million%20for%20the%20option%20holders%20of%20H.%20J.%20Heinz.%20Heinz%20would%20serve%20as%20a%20platform%20for%203G%20Capital%20to%20make%20additional%20acquisitions%20in%20the%20food%20industry.%20The%20transaction%20will%20be%20financed%20through%20a%20combination%20of%20cash%20provided%20by%20Berkshire%20Hathaway%20and%20affiliates%20of%203G%20Capital%3B%20rollover%20of%20existing%20debt%2C%20as%20well%20as%20debt%20financing%20that%20has%20been%20committed%20by%20J.P.%20Morgan%20and%20Wells%20Fargo.%20J.P.%20Morgan%20and%20Wells%20Fargo%20have%20committed%20to%20provide%20%2414.1%20billion%20of%20new%20debt%20financing%20for%20the%20transaction%2C%20consisting%20of%20%248.5%20billion%20of%20USD%20senior%20secured%20term%20loan%20B-1%20and%20B-2%20facilities%2C%20%242%20billion%20of%20Euro/%20British%20Pounds%20senior%20secured%20term%20loan%20B-1%20and%20B-2%20facilities%2C%20a%20%241.5%20billion%20senior%20secured%20revolving%20facility%20and%20a%20%242.1%20billion%20second%20lien%20bridge%20loan%20facility.%0D%0A%0D%0APost%20completion%2C%20H.%20J.%20Heinz%20will%20become%20a%20private%20company.%20In%20case%20of%20termination%20by%20H.%20J.%20Heinz%2C%20it%20will%20pay%20a%20termination%20fee%20of%20%24750%20million%20and%20in%20case%20termination%20of%20the%20deal%20is%20done%20by%203G%20and%20Berkshire%2C%20the%20termination%20fee%20payable%20by%20them%20will%20be%20%241.4%20billion.%203G%20and%20Berkshire%20each%20will%20bear%2050%25%20of%20this%20termination%20fee%2C%20up%20to%20a%20cap%20of%20%24700%20million.%20Post%20completion%2C%20H.%20J.%20Heinz%20will%20remain%20headquartered%20in%20Pittsburgh.%20The%20transaction%20is%20subject%20to%20approval%20by%20Heinz%20shareholders%2C%20preferred%20stock%20holders%u2019%20approval%20antitrust%20approval%2C%20receipt%20of%20regulatory%20approvals%20and%20other%20customary%20closing%20conditions.%20The%20deal%20is%20not%20subject%20to%20a%20financing%20condition.%20The%20deal%20has%20been%20unanimously%20approved%20by%20H.%20J.%20Heinz%u2019s%20Board%20of%20Directors%20and%20Board%20of%20Directors%20of%203G%20Capital%20Management%20and%20Berkshire.%20A%20transaction%20committee%20of%20Board%20of%20Directors%20of%20H.%20J.%20Heinz%20has%20been%20formed%20for%20the%20deal.%20The%20deal%20is%20expected%20to%20close%20in%20the%20third%20%28calendar%29%20quarter%20of%202013.%0D%0A%0D%0AAs%20of%20March%204%2C%202013%2C%20the%20agreement%20was%20amended%20with%20respect%20to%20the%20restricted%20stock%20units.%20As%20per%20the%20amendment%2C%20instead%20of%20accelerated%20vesting%20and%20cash-out%20in%20full%20at%20the%20effective%20time%20of%20the%20transaction%2C%20retention%20restricted%20stock%20units%20would%20remain%20subject%20to%20the%20vesting%20schedule%20pursuant%20to%20the%20existing%20terms%20of%20the%20applicable%20award%20agreements%20and%20that%20the%20general%20timing%20of%20payment%20would%20be%20in%20accordance%20with%20such%20terms.%20As%20of%20March%2026%2C%202013%2C%20the%20Administrative%20Council%20for%20Economic%20Defense%20%28Cade%29%20approved%20the%20deal.%20As%20on%20March%2027%2C%202013%2C%20shareholders%20of%20H.J.%20Heinz%20Co%20will%20vote%20in%20a%20special%20meeting%20slated%20for%20April%2030%2C%202013%20which%20will%20be%20held%20in%20office%20of%20Davis%2C%20Polk%20%26%20Wardwell%20LLP.%20During%20week%20ending%20April%206%2C%202013%2C%20The%20Competition%20Commission%20of%20India%20approved%20the%20transaction.%20As%20per%20the%20information%20available%20on%20April%2010%2C%202013%2C%20Regulatory%20agencies%20in%20Israel%20and%20Brazil%20have%20approved%20the%20deal.%0D%0A%0D%0AAs%20of%20April%2012%2C%202013%2C%20H.J%20Heinz%20Co.%20would%20hire%20Burger%20King%20Worldwide%20Inc.%u2019s%20Chief%20Executive%20Officer%2C%20Bernardo%20Hees%20as%20its%20new%20Chief%20Executive%20Officer.%20As%20of%20April%2029%2C%202013%2C%20a%20Pittsburgh%20judge%20has%20dismissed%20multiple%20lawsuits%20over%20the%20transaction.%20As%20of%20April%2030%2C%202013%2C%20the%20transaction%20was%20approved%20by%20shareholders%20of%20Heinz.%20The%20transaction%20has%20received%20antitrust%20clearance%20in%20the%20United%20States%2C%20South%20Korea%2C%20Japan%2C%20Mexico%2C%20South%20Africa%20and%20Ukraine.%0D%0A%0D%0ACenterview%20Partners%20LLC%20BofA%20Merrill%20Lynch%2C%20Pierce%2C%20Fenner%20%26%20Smith%20Incorpor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The%20Board%20of%20Directors%20of%20H.%20J.%20Heinz%20Company%20%28NYSE%3AHNZ%29%20authorized%20a%20share%20repurchase%20program%20on%20November%2014%2C%202012.%20Under%20the%20plan%2C%20the%20company%20will%20repurchase%20up%20to%2015%2C000%2C000%20shares.%20This%20is%20a%20multi-year%20program.%20As%20of%20January%2027%2C%202013%2C%20the%20company%20has%20repurchased%201%2C000%2C000%20shares%20for%20%2459.05%20million.