The canned food arm drew interest from food industry players including Pinnacle Foods and Fresh Del Monte when it was put up for sale in the summer.
Del Monte Foods, which is also backed by private equity firm Centerview Partners, put the slow-growing division up for sale to concentrate on its pet foods business.
Previous reports suggested a deal could value the business at more than $1.5bn.
Del Monte posted sales of $3.82bn for the previous fiscal year, which ended in April.
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