Judge Claims Barclays (NYSE:BCS) Manipulated Del Monte (NYSE:DEL) Sales Process

A judge in Delaware put a 20-day halt to a shareholder vote on the acquisition of Del Monte (NYSE:DEL) by a private equity group, saying Barclays Capital (NYSE:BCS) manipulated the sales process.

In the ruling of the judge, he said Barclays deliberately misled the board of Del Monte by working behind the scenes with members of the private equity group in order to generate more financing fees.

That's why the judge put the shareholder vote, which was going to be held Tuesday on hold for 20 days.

If Del Monte chooses, they can enter into negotiations with other potential bidders, as the judge also removed deal protection provisions which keep a company from looking for other offers.

The private equity group made an offer of $4 billion for the food company.

Del Monte closed Tuesday at $18.94, gaining $0.05, or 0.26 percent.