Judge Delays $5B Del Monte Deal, Rips Barclays

Law360, New York (February 15, 2011, 8:25 PM EST) -- A Delaware judge has delayed a shareholder vote on the proposed $5.3 billion leveraged buyout of Del Monte Foods Co. over evidence the company’s financial adviser, Barclays Capital, manipulated the sale to reap fees on both ends of the deal.

In an opinion filed Monday in the Delaware Court of Chancery, Vice Chancellor J. Travis Laster enjoined the vote for 20 days and temporarily removed various deal protection measures to allow other potential bidders to compete with the private equity consortium of Kohlberg Kravis Roberts &...
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