ADVFN - Advanced Financial Network.
HOME» NYSE » C » CAG Stock Price » CAG Stock News

Conagra Food Share News

 Conagra Foods, Inc. Stock Price
CAG Stock Price
 Conagra Foods, Inc. Stock Chart
CAG Stock Chart
 Conagra Foods, Inc. Stock News
CAG Stock News
 Conagra Foods, Inc. Company Information
CAG Company Information
 Conagra Foods, Inc. Stock Trades
CAG Stock Trades

ConAgra: Disappointed By Ralcorp's Rejection Of Revised Bid

By Joan E. Solsman and Doug Cameron Of DOW JONES NEWSWIRES Ralcorp Holdings Inc. (RAH) said Friday that it had rejected a third unsolicited takeover offer from ConAgra Foods Inc. (CAG) that valued the private-label food company at around $5.2 billion. ConAgra sweetened its all-cash offer to $94 a share in its first response to Ralcorp's defense of announcing plans to spin off its Post cereals unit and bulk up by paying $545 million for the refrigerated dough business of Sara Lee Corp. Ralcorp said its board unanimously rejected the nonbinding offer contained in a letter sent by ConAgra on Thursday. It had previously turned down a $82 per share offer in April and a $86 approach in May. In a statement Sunday, ConAgra Chief Executive Gary Rodkin expressed disappointment at Ralcorp's rejection and its "repeated refusals to explore this opportunity for shareholders." ConAgra also said its proposal provides more certainty and upfront value for Ralcorp shareholders than the company's spinoff plan, especially given volatile raw materials costs, which partly led Ralcorp to lower its fiscal third-quarter outlook and lower its full-year guidance last month. Ralcorp said in July it would spin off its Post business to shareholders in a tax-free transaction. Omaha-based ConAgra, best known for its Hebrew National hot dogs and Hunt's canned vegetables, wants to acquire Ralcorp to tap the faster growth rates in private label groceries as budget-conscious shoppers pare spending on branded goods. But the company also feels that the Post brand will field competition better within the ConAgra stable of brands, rather than as an independent cereal company. The new offer pushed Ralcorp shares up by almost 9% in after-hours trade Friday. ConAgra shares closed up 0.8% at $23.19 on Friday, valuing the company at $9.5 billion, compared with around $4.4 billion for Ralcorp. Any deal would also see it assume more than $2.5 billion in debt, and analysts have speculated it may opt to make an approach direct to Ralcorp shareholders or opt to wait until after the Post spinoff before launching a further bid. In the Aug. 11 letter addressed to Ralcorp Chairman William Stiritz, ConAgra's Rodkin said he was forced to make the revised, $94-a-share offer by letter because Ralcorp was unwilling to engage in a conversation. "Without your constructive engagement, be assured that this is our last private letter to you," Rodkin wrote, indicating that ConAgra could take its offer directly to shareholders. ConAgra has been canvassing Ralcorp investors in recent days and is confident of their support, people familiar with the matter said. Ralcorp said ConAgra's latest bid wasn't in the best interests of the company and its shareholders. In a letter to ConAgra released Friday, Stiritz said the company is firmly committed to its plan to separate cereal brand PostFoods from Ralcorp. He said the board unanimously determined that it and ConAgra "have nothing further to discuss." -By Joan E. Solsman and Doug Cameron, Dow Jones Newswires; 212-416-2291; [email protected] --Anupreeta Das contibuted to this article.

Stock News for Conagra Food (CAG)
03/23/201707:47:01Current Report Filing (8-k)
03/23/201707:30:00Conagra Brands Reports Continued Margin Expansion And EPS Growth...
03/16/201717:00:00Conagra Brands Enters Into Definitive Agreement To Acquire Thanasi...
03/16/201707:28:00Conagra Brands Announces Details Of Fiscal 2017 Third Quarter...
02/17/201717:22:28Current Report Filing (8-k)
02/10/201710:24:45Amended Statement of Ownership (sc 13g/a)
01/26/201708:03:00Orville Redenbacher's Fans Stock up for Football's Biggest Game
01/23/201717:18:03Current Report Filing (8-k)
01/23/201714:21:59Amended Statement of Ownership (sc 13g/a)
01/09/201717:18:29Statement of Changes in Beneficial Ownership (4)
01/09/201709:01:00Reddi-wip Introduces New Recipe
01/06/201717:01:52Amended Statement of Beneficial Ownership (sc 13d/a)
01/04/201709:12:27Quarterly Report (10-q)
01/04/201708:00:00Microwave Popcorn a Delicious Whole Grain Option for Those Seeking...
01/03/201717:06:07Statement of Changes in Beneficial Ownership (4)
01/03/201717:06:07Statement of Changes in Beneficial Ownership (4)
12/22/201609:31:00CORRECTING and REPLACING Conagra Brands Announces Details of...
12/22/201608:54:04Current Report Filing (8-k)
12/22/201607:27:00Conagra Brands Reports Continued Margin Expansion and EPS Growth...
12/17/201607:29:00Processed Food Brands Look for Fresh Makeover

Conagra Food and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations