Beatrice Approves Takeover

Associated Press

Beatrice Cos. said today it agreed to be acquired by Kohlberg Kravis Roberts & Co. in a deal valued at $5.45 billion.

The giant food and consumer-products concern accepted the proposal after Kohlberg Kravis, a privately held investment banking firm in New York, sweetened its bid from $47 a share to $50. Beatrice said it will recommend that its stockholders tender their shares to Kohlberg Kravis, which is offering $43 in cash and $7 in preferred stock for each of the company's 109 million common shares outstanding. The leveraged buy out would be history's largest and would make Beatrice a private company.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World