Heinz's $28B Buyout Withstands 2 Investor Challenges

Law360, Los Angeles (April 4, 2013, 4:37 PM EDT) -- Two shareholders who challenged H.J. Heinz Co. over an allegedly self-dealing $28 billion buyout proposal by a private equity firm agreed to dismiss their class actions Thursday, saying they had determined Heinz and its suitors hadn't violated securities laws or their fiduciary duties to investors.

James Clem and Hannon's Inc. told a Pennsylvania federal judge that they had reviewed documents provided by Heinz, Berkshire Hathaway Inc. and 3G Capital Management LLC and concluded that the deal was fair and no breach of fiduciary duty had occurred,...
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