Del Monte Corp and Barclays Capital have agreed to pay $89.4 million to Del Monte shareholders in one of the largest cash settlements on record in Delaware Chancery Court, lawyers for the plaintiffs said on Thursday. The settlement was reached with shareholders who challenged the 2010 private equity takeover of the company by a group of investors led by Kohlberg Kravis & Roberts (KKR.N). Del Monte will contribute $65.7 million and Barclays (BARC.L) will pay $23.7 million, lawyers for the plaintiffs said in a news release. Del Monte and Barclays did not immediately return calls seeking comment. The settlement, subject to approval by Vice Chancellor J. Travis Laster, will resolve all litigation over the sale of Del Monte to the buyout group, the plaintiffs said.
Shares of KKR traded higher by 2.12% or $0.22/share to $10.61. In the past year, the shares have traded as low as $8.95 and as high as $19.16. On average, 2261900 shares of KKR exchange hands on a given day and today's volume is recorded at 570746.
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