In what is being described as the biggest takeover deal in history, Heinz has been bought by 3G and American billionaire Warren Buffett for US$28b.
According to ABC the takeover has been approved by the Heinz board but shareholder approval is still pending.
The takeover equates to $72.50 per share, which is 19 percent higher than the previous all-time high.
Upon news of the sale, Heinz shares jumped nearly 20 percent to $US72.40, but dropped again after Buffett said he had no plans to raise his bid for the company, which has increased net sales over the past eight financial years.
Heinz has had a significant presence in the headlines this week, also making news for its proposed acquisition of infant food company, Rafferty's Garden.
The ACCC has raised concerns over the proposal, arguing that it would limit competition in the baby food market, of which Heinz has a 39 percent stake, reports AFN.
The brand is also considering legal action against outspoken entrepreneur, Dick Smith, who referred to Heinz's beetroot products as "poor quality."
Labels on Smith's Magnificent Sliced Beetroot read "When American-owned Heinz decided to move its beetroot processing facility from Australia to New Zealand causing hundreds of lost jobs, we decided enough is enough.
"So we are fighting back against poor quality imported product."