SAN FRANCISCO (
Del Monte Foods
is in advanced talks to be acquired by private-equity firm
Kohlberg Kravis Roberts
, reports say.
KKR offered $18.50 a share for Del Monte, a source told
. 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,
, a financial news service affiliated with the
, first reported the prospect of a sale.
A Del Monte spokeswoman told
the company doesn't comment on market rumors or speculation. KKR declined comment.
-- Written by Joseph Woelfel
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