KKR to Buy Del Monte Foods for $4 Billion (DLM, KKR)

KKR & Co. KKR announced this morning that it has agreed to acquire Del Monte Foods DLM for $4 billion in cash. The deal is valued at roughly $19.00 per share, which is 21% higher than the pre-chatter stock price. KKR & Co. will also assume DLM's $1.3 billion in debt. Del Monte owns such brands as Milk-Bone, College-Inn, Contadina, Pup-Peroni, and Kibbles-In-Bits.