Kendall Law Group Announces Development in Del Monte Foods Co. Acquisition Investigation

Kendall Law Group, a national securities firm led by a former federal judge, announces additional information regarding Del Monte Foods Co. (NYSE:DLM) in connection with the proposed acquisition by Kohlberg Kravis Roberts (KKR), Vestar Capital Partners and Centerview Partners. The firm is investigating whether Del Monte properly shopped the Company prior to entering into the agreement. This possible breach of fiduciary duty may have kept the Company from reaching a deal that would provide better value of the Company. If you are a Del Monte shareholder and would like additional information about your rights, you are encouraged to contact the Kendall Law Group at 877-744-3728 or by email at [e-mail].

Over the Thanksgiving holiday, Del Monte announced its entry into a definitive merger agreement under which Del Monte would be taken private by KKR, Vestar Capital Partners and Centerview Partners in a transaction valued at approximately $4 billion. Del Monte/DLM shareholders would receive $19.00 per share for each share of common stock held. Under the terms of the agreement, Del Monte would face a $60 million termination fee if it takes another bidder's offer or a $120 million fee if they do not complete the deal due to other circumstances. KKR purchased Del Monte in 1989 as part of its buyout of RJR Nabisco, which owned Del Monte. Although the merger agreement provides a “go-shop” period that will expire in January of 2011, two months may not be an adequate amount of time for potential suitors to perform their due diligence. The firm believes the transaction may be undervaluing the company.

Kendall Law Group was founded by former federal judge Joe Kendall, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.