Barclays' Alleged Deceit May Delay $5B Del Monte Deal

Law360, New York (February 11, 2011, 4:33 PM EST) -- A Delaware judge overseeing a putative shareholder class action said Friday he would likely delay a private equity group's proposed $5.3 billion acquisition of Del Monte Foods Co. after hearing evidence Barclays Capital deceived Del Monte directors about the deal.

The plaintiffs alleged in the Delaware Chancery Court that Barclays manipulated the sale process to discourage competing bidders so it could collect $50 million in fees in its conflicting roles as financial adviser to Del Monte and financier to the purchasers, Kohlberg Kravis Roberts & Co.,...
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