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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Case Information

Case Title

HANNON'S INCORPORATED v. BERKSHIRE HATHAWAY INC. et al


Case Number

2:13-cv-00251

Court

Pennsylvania Western

Nature of Suit

Stockholders Suits

Judge

David S. Cercone

Date Filed

February 15, 2013


Case Title

CLEM v. BERKSHIRE HATHAWAY INC. et al


Case Number

2:13-cv-00252

Court

Pennsylvania Western

Nature of Suit

Stockholders Suits

Judge

David S. Cercone

Date Filed

February 15, 2013

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