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In a Pickle: Barclays Capital and the Sale of Del Monte Foods (A)

By:
 John Coates, Clayton Rose, and David Lane   (Published: October 5, 2011)
Product number:
HLS 12-04
Length:
20 pages
English:
PDF
Product Type:
Discussion-Based Case Study
Link to Faculty Author Page:
Educators / Non-Profits:

Abstract

In 2010, Del Monte — publicly traded and one of the largest US canned food producers — agreed to be bought out by a consortium of three private equity funds led by KKR.  Del Monte was advised by Barclays, which had risen as an M&A adviser after purchasing Lehman's investment banking business.  As is common, the buyout triggered a shareholder lawsuit; as is not so common, Del Monte put out a supplemental proxy statement announcing that in the lawsuit Del Monte had learned several facts about the intentions of Barclays and Del Monte's senior managers. 

Learning Objectives

The case encourages participants to explore the practical consequences of legal review of public company buyouts, the legal duties of investment banks to their clients, and the potential conflicts of interest faced by boards, managers, and investment banks in such transactions.

Subjects Covered

Mergers & Acquisitions, Shareholder Lawsuits, Conflicts of Interest, Corporate and Securities Law, Ethics

Setting

Geographic: United States

Industry: Consumer Packaged Goods

Event Year Begin: 2010

Additional Information

Conversation Starters: Case Studies for Curricular Reform


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