I am a holder of HNZ. I can't see another buyer coming in to take offer price higher and I can't see why this deal would not go through. The offer is for Cash. I see 2 options, sell today and collect 72.50/share or wait for buyout and get 72.50/share. What is a good reason for not selling today?
Cash earns 1/10 of 1% but you could continue to hold HNZ and collect the dividend. This is the same as owning a money market that yields 3% a year just like the good old days. Berkshire always completes its deals and there's no antitrust issues.
If you wait for the deal to close, two things: 1, you'll get at least one more dividend payout, which is nice (heck, it's the reason I hold the stock in the first place); and 2, you won't have to pay a brokerage sales commission so you keep more of the money for yourself.
The Dividend point is valid. I have been building a dividend portfolio for the past 5 years (I am not retired yet) and I purchased most of my HNZ stock 4 years ago. With strong dividend growth from HNZ over the past 4 years, my dividend yield based on my original investment was very good. I would have rather held onto HNZ. Now I need to pay some capital gains and look to reinvest in another strong yielding stock.