Reuters: Private Equity: UPDATE 1-Diamond in talks for sale on stake - report

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UPDATE 1-Diamond in talks for sale on stake - report Mar 21st 2012, 20:53 Wed Mar 21, 2012 4:53pm EDT March 21 (Reuters) - Diamond Foods Inc, the snacks and walnut seller that is being probed by regulators for improper accounting, is in talks to sell a minority stake in the company to private equity firms, The Wall Street Journal reported. A spokesman for Diamond, the maker of Pop Secret popcorn and Kettle Chips, declined to comment. In February, Diamond removed its chief executive and chief financial officer and said it would need to restate earnings for 2011 and 2010 after its audit committee found that payments to walnut growers had been improperly booked. The company is being investigated by the U.S. Securities and Exchange Commission, and sources have told Reuters that federal prosecutors are also probing its accounting. The company recently hired Dean Bradley Osborne Partners LLC -- started by former Morgan Stanley investment bankers -- to look for ways to strengthen its balance sheet. The investment banking firm has approached several buyout firms including KKR and TPG to assess their interest in investing in Diamond. KKR and TPG were not immediately available to comment.

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