SAN FRANCISCO (

TheStreet

) --

Del Monte Foods

(DLM)

is in advanced talks to be acquired by private-equity firm

Kohlberg Kravis Roberts

(KKR) - Get Report

, reports say.

KKR offered $18.50 a share for Del Monte, a source told

Reuters

. An offer of $18.50 a share would value the company at about $3.58 billion.

Shares of Del Monte, a maker of canned vegetables and pet food like Meow Mix, finished at $15.71 on Thursday, up $1.21, or 8.34%.

Del Monte and KKR aim to complete an agreement by Dec. 2 when Del Monte reports its quarterly earnings,

Reuters

reports.

DealReporter

, a financial news service affiliated with the

Financial Times

, first reported the prospect of a sale.

A Del Monte spokeswoman told

Reuters

the company doesn't comment on market rumors or speculation. KKR declined comment.

-- Written by Joseph Woelfel

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Joseph Woelfel

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