H.J. Heinz to redeem $164,930 of third cumulative preferred stock

By Tali David

Minneapolis, March 6 - H.J. Heinz Co. plans to redeem all 5,787 outstanding shares of its third cumulative preferred stock, $1.70 first series, according to a company news release.

Heinz is notifying the remaining holders of its preferreds that it will be redeeming any outstanding shares that are not converted into Heinz common stock at or before 5 p.m. ET on April 8.

Outstanding preferred shares that are not converted by that time will be redeemed at a price of $28.50 per share plus accrued and unpaid dividends of $0.53 per share, for an aggregate redemption price of $29.03 per share.

The redemption is in connection with the previously announced acquisition of Heinz by an investment consortium that includes Berkshire Hathaway.

The food product company is based in Pittsburgh.

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