<PAGE>   1
                                                                 EXHIBIT 10-29



                 PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT


               This Preferred Stock and Warrant Purchase Agreement (this
"AGREEMENT"), dated as of October 12, 1999, is made and entered into by and
between Doskocil Manufacturing Company, Inc., a Texas corporation (the
"COMPANY"), and the purchasers listed on the attached Schedule A (each a
"PURCHASER").

                                    RECITALS

               WHEREAS, the Company proposes to issue and sell to Purchaser
shares of its Series D Redeemable Preferred Stock, $100 stated value per share
(the "PREFERRED STOCK") and its warrants to acquire common stock (the
"WARRANTS") to be sold in accordance with and subject to the terms and
conditions set forth in this Agreement, in the case of the Preferred Stock, the
Statement of Designation of Series D Preferred Stock in substantially the form
of Exhibit A annexed hereto (the "Statement of Designation") and, in the case of
the Warrants, the Preferred Warrant Agreement dated as of the date hereof among
the Company and the Purchasers in substantially the form of Exhibit B annexed
hereto (the "Preferred Warrant Agreement").

               NOW, THEREFORE, in consideration of the above premises and the
representations, warranties, covenants and agreements contained in this
Agreement, and for other good and valuable consideration, the receipt of which
is hereby acknowledged, the parties hereto agree as follows:

SECTION 1. PURCHASE AND SALE OF PREFERRED STOCK.

               1.1 THE PREFERRED STOCK. Upon the terms and conditions contained
herein, the Company agrees to sell and issue to each Purchaser, and each
Purchaser severally agrees to purchase from the Company, at a purchase price
with respect to each Purchaser designated on Schedule A annexed hereto, the
number of shares of Preferred Stock and Warrants specified opposite such
Purchaser's name on Schedule A annexed hereto.

               1.2 PAYMENT AND DELIVERY. The Company shall deliver to each
Purchaser a stock certificate and warrant certificate representing the Preferred
Stock and Warrants acquired by such Purchaser against delivery to the Company by
such Purchaser of the purchase price specified opposite such Purchaser's name on
Schedule A annexed hereto (the "PURCHASE PRICE"), such Purchase Price to be paid
by check or wire transfer to the Company.

               1.3 AGREEMENT TO BE BOUND BY FIRST AMENDMENT TO AMENDED AND
RESTATED SECURITYHOLDERS AGREEMENT. Each Purchaser agrees to be bound by that
certain Amended and Restated Securityholders Agreement, as amended by the First
Amendment thereto (the "SECURITYHOLDERS AGREEMENT"), by and among certain
holders of the Company's Common and preferred stock annexed hereto as Exhibit C.



<PAGE>   2


SECTION 2. CLOSING DATE. The consummation of the purchase and sale transaction
described herein (the "Closing") shall occur concurrently with the execution and
delivery of this Agreement and the payments required hereunder.

SECTION 3. COMPANY REPRESENTATIONS. The Company represents and warrants to each
Purchaser that:

                  (a) Organization, Standing and Qualification. The Company is a
         corporation duly organized, validly existing and in good standing under
         the laws of the State of Texas and has all the requisite power and
         authority to own or lease and operate its properties and to carry on
         its business as now conducted and as proposed to be conducted.

                  (b) Authorization and Enforceability. The Company has all
         requisite corporate power and authority to enter into and perform all
         its obligations under this Agreement and the Securityholders Agreement,
         to issue the Preferred Stock and the Warrants and to carry out the
         transactions contemplated hereby and thereby. The Company has duly and
         properly taken all actions necessary to authorize it to enter into and
         perform its obligations under this Agreement and the Securityholders
         Agreement, and to consummate the transactions contemplated hereby and
         thereby. This Agreement and the Securityholders Agreement are legal,
         valid and binding obligations of the Company, enforceable in accordance
         with their respective terms, except for the effect upon such agreements
         of bankruptcy, insolvency, reorganization, moratorium and other similar
         laws relating to or affecting the rights of creditors generally and of
         general principles of equity (regardless of whether enforcement is
         sought in a proceeding in equity or at law).

                  (c) Capitalization. The authorized capital stock of the
         Company consists of 15,000,000 shares of Common Stock and 25,000,000
         shares of preferred stock, of which 50,000 shares have been designated
         as the Preferred Stock. Of such shares, 3,104,644 shares of Common
         Stock and 9,161,567 shares of Series C Preferred Stock will be issued
         and outstanding immediately prior to the Closing. The Preferred Stock
         and the Warrants are duly authorized and, when issued and paid for
         pursuant to the terms of this Agreement, will be validly issued, fully
         paid and nonassessable. There are no outstanding subscriptions, rights,
         warrants, options, calls, convertible securities, commitments of sale
         or liens granted or issued by the Company or any of its subsidiaries
         relating to or entitling any person to purchase or otherwise to acquire
         any shares of the capital stock of the Company, except as otherwise
         disclosed on Schedule B annexed hereto.

                  (d) Non-Contravention by Company. Neither the execution and
         delivery of this Agreement or the Securityholders Agreement nor the
         issuance, sale or delivery of the Preferred Stock and the Warrants by
         the Company, nor the performance of the obligations of the Company and
         its securityholders hereunder or thereunder, nor any action by the
         Company contemplated hereunder or thereunder, violates any provisions
         of the Articles of Incorporation or Bylaws of the Company, or violates
         or constitutes a breach of or a default under, or would result in the
         acceleration of or entitle any party to


                                       2
<PAGE>   3


         accelerate (whether after the giving of notice or lapse of time or
         both) any material obligation under, or result in the creation or
         imposition of any lien, charge, pledge, security interest or other
         encumbrance of any kind upon the property or assets (real, personal or
         mixed, tangible or intangible) of the Company pursuant to any provision
         of any material promissory note, security interest, bond, mortgage,
         indenture, lien, claim, charge, right, option, lease, agreement,
         license, pledge, encumbrance, instrument, commitment, law, ordinance,
         regulation, order, arbitration award, judgment or decree to which the
         Company is a party or by which it or any of its properties or assets
         (real, personal or mixed, tangible or intangible) are bound which would
         have a material adverse effect on the Company.

                  (e) Private Offering. The Company agrees that neither it, nor
         anyone acting on its behalf, will offer the Preferred Stock and the
         Warrants so as to bring the issuance and sale of such securities within
         the provisions of Section 5 of the Securities Act of 1933, as amended
         (the "Securities Act"), nor offer any similar securities for issuance
         or sale to, or solicit any offer to acquire any of the same from, or
         otherwise approach or negotiate with respect thereto with, anyone if
         the sale of the Preferred Stock and the Warrants and any such
         securities would be integrated as a single offering for the purposes of
         the Securities Act, including, without limitation, Regulation D
         thereunder.

                  (f) Brokers. The Company has not retained, directly or
         indirectly, any broker or finder or incurred any liability or
         obligation for any brokerage fees or finder's fees with respect to this
         Agreement or the transactions contemplated hereby.

                  (g) Survival of Representations and Warranties. All the
         Company's representations and warranties herein shall survive the
         execution and delivery of this Agreement, any investigation by the
         Purchasers and the issuance of the Preferred Stock and the Warrants.


SECTION 4. INVESTMENT REPRESENTATIONS. Each Purchaser acknowledges that the
Preferred Stock and the Warrants are not being registered under the Act, based,
in part, on reliance that the issuance of the Preferred Stock and the Warrants
are exempt from registration under Section 4(2) of the Act as not involving any
public offering. Each Purchaser further acknowledges that the Company's reliance
on such exemption is predicated, in part, on the several representations set
forth below made by each Purchaser to the Company.

                  (a) Such Purchaser is acquiring the Shares solely for such
         Purchaser's own account, for investment purposes only, and not with an
         intent to sell, or for resale in connection with any distribution of
         all or any portion of the Preferred Stock and the Warrants within the
         meaning of the Act;

                  (b) In evaluating the merits and risks of an investment in the
         Preferred Stock and the Warrants, such Purchaser has relied upon the
         advice of such Purchaser's legal counsel, tax advisors, and/or
         investment advisors;


                                       3
<PAGE>   4


                  (c) Such Purchaser is experienced in evaluating and investing
         in companies such as the Company. In addition, such Purchaser has a
         preexisting business relationship with the Company. As a result of such
         relationship, such Purchaser has access on a regular basis to the
         Company's financial statements and other records and information
         material to the Company's financial condition, operations and
         prospects. Such Purchaser has been given access to all books, records
         and other information of the Company which such Purchaser has desired
         to review and analyze in connection with such Purchaser's purchase of
         the Preferred Stock and the Warrants hereunder.

                  (d) Such Purchaser is aware that an investment in securities
         of a closely held corporation such as the Company is not liquid and
         will require such Purchaser's capital to be invested for an indefinite
         period of time, possibly without return. Such Purchaser has no need for
         liquidity in this investment, has the ability to bear the economic risk
         of this investment, and can afford a complete loss of the Purchase
         Price;

                  (e) Such Purchaser understands that the Preferred Stock and
         the Warrants being purchased hereunder are characterized as "restricted
         securities" under the federal securities laws since the Preferred Stock
         and the Warrants are being acquired from the Company in a transaction
         not involving a public offering and that under such laws and applicable
         regulations such securities may be resold without registration under
         the Act only in certain limited circumstances. Such Purchaser
         represents that such Purchaser is familiar with Rule 144 promulgated
         under the Act, as presently in effect, and understands the resale
         limitations imposed thereby and by the Act;

                  (f) At no time was an oral representation made to such
         Purchaser relating to the purchase or was such Purchaser presented with
         or solicited by any leaflet, public or promotional meeting, newspaper
         or magazine article, radio or television advertisement or any other
         form of general advertising relating to the purchase hereunder; and

                  (g) Such Purchaser has read and understands the restrictions
         set forth in the Securityholders Agreement.


SECTION 5. STOCK CERTIFICATE LEGEND. Each Purchaser understands and acknowledges
that the certificate evidencing the Preferred Stock purchased by such Purchaser
hereunder (or evidencing any other securities issued with respect thereto
pursuant to any stock split, stock dividend, merger or other form of
reorganization or recapitalization) shall bear, in addition to any other legends
which may be required by this Agreement or applicable state securities laws, the
following legend:

                  "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR
         SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
         REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER SAID ACT OR AN
         OPINION OF COUNSEL SATISFACTORY TO THE



                                       4
<PAGE>   5


         CORPORATION OR NO-ACTION LETTER ISSUED BY THE SECURITIES AND EXCHANGE
         COMMISSION THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD
         PURSUANT TO RULE 144 OF SUCH ACT. THIS SECURITY IS ALSO SUBJECT TO
         ADDITIONAL RESTRICTIONS ON TRANSFER AS SET FORTH IN THE SECURITYHOLDERS
         AGREEMENT, COPIES OF WHICH MAY BE OBTAINED UPON REQUEST FROM THE
         CORPORATION AND ANY SUCCESSOR THERETO."


SECTION 6. MISCELLANEOUS.

               6.1 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be an original, and all of which together
shall constitute one and the same agreement.

               6.2 NOTICES. Any notice, demand, request or other communication
herein requested or permitted to be given shall be in writing and may be
personally served, telecopied, telexed or sent by courier service or United
States mail and shall be deemed to have been given when delivered in person or
by courier service, upon receipt of a telecopy or telex or four business days
after deposit in the United States mail (registered or certified, with postage
prepaid and properly addressed). For purposes hereof, the addresses of the
parties hereto (until notice of a change thereof is delivered as provided in
this Section 6.2) shall be as follows:

               If to the Company:   Doskocil Manufacturing Company, Inc.
                                    4209 Barnett
                                    Arlington, Texas  76017
                                    Attention:  President


               If to Purchaser:     At the address specified on Schedule A

               6.3 GOVERNING LAW. This Agreement shall be governed by the laws
of the State of Texas.

               6.4 ASSIGNMENTS. This Agreement and all of the provisions hereof
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Neither this Agreement nor any of
the rights, interests or obligations hereunder shall be assigned by either party
without the prior written consent of the other.




                                       5
<PAGE>   6




               IN WITNESS WHEREOF, the parties have duly executed this Agreement
as of the date first written above.

                                        "THE COMPANY"

                                        DOSKOCIL MANUFACTURING COMPANY, INC.,
                                        a Texas corporation


                                        By:
                                           ------------------------------------
                                        Name:
                                             ----------------------------------
                                        Its:
                                            -----------------------------------


                                      S-1

<PAGE>   7



                                        WESTAR CAPITAL II, LLC

                                        By:   Westar Capital Associates II, LLC


                                        By:
                                           ------------------------------------
                                        Name: Alan B. Sellers

                                        Its:  Member




                                      S-2
<PAGE>   8



                                       HBI FINANCIAL INC.


                                       By:
                                          -------------------------------------
                                       Name: George L. Argyros

                                       Its: Chairman of the Board and President





                                      S-3


<PAGE>   9



                                       TWELVE D LIMITED, A TEXAS LIMITED
                                       PARTNERSHIP


                                       By:   Cyclone Tours, Inc.
                                       Its:  General Partner


                                       By:
                                          -------------------------------------
                                       Name: Benjamin L. Doskocil, Sr.

                                       Its:  President







                                      S-4

<PAGE>   10




                                   Schedule A


<TABLE>
<CAPTION>
      Name                                            Address
      ----                                            -------
<S>                                          <C>
Westar Capital II, LLC                       949 South Coast Drive
                                             Suite 650
                                             Costa Mesa, CA  92626

HBI Financial Inc.                           c/o Dorsey & Whitney LLP
                                             U.S. Bank Center, Suite 400
                                             1120 Fifth Avenue
                                             Seattle, Washington  98101
                                             Facsimile No.:

Twelve D Limited                             5306 Mansfield Road
                                             Arlington, Texas  76017
                                             Facsimile No.:  817-784-0703
</TABLE>




                                  Schedule A-1

<PAGE>   11



                                   Schedule A

(Shows number of Series D Preferred Stock in proportion to number of shares of
common stock held adjusted to total 100% assuming no other shareholders
participate)

<TABLE>
<CAPTION>
Name of Purchaser                  Number of Series D     Number of Warrants to      Aggregate Purchase
                                    Preferred Stock           be Purchased                  Price
                                    to be Purchased
<S>                                <C>                    <C>                         <C>
HBI Financial Inc.                       32,415                   657,365             $   3,241,531
Westar Capital II LLC                    12,230                   248,022             $   1,223,019
Twelve D Limited                          5,355                   108,587             $     535,450

Total:                                   50,000                 1,013,974                 5,000,000

</TABLE>




                                  Schedule A-2

<PAGE>   12






                                    Exhibit A


              STATEMENT OF DESIGNATION OF SERIES D PREFERRED STOCK





                                  Exhibit A-1




<PAGE>   13




                                    Exhibit B


                           PREFERRED WARRANT AGREEMENT






                                   Exhibit B-1

<PAGE>   14






                                    Exhibit C


        FIRST AMENDMENT TO AMENDED AND RESTATED SECURITYHOLDERS AGREEMENT



                                  Exhibit C-1





<PAGE>   15




                                   Schedule B

Outstanding subscriptions, rights, warrants, options, calls, convertible
securities, commitments of sale or liens granted or issued by the Company or any
of its subsidiaries relating to or entitling any person to purchase or otherwise
to acquire any shares of the capital stock of the Company



                                  Schedule B-1