St. Louis-based Ralcorp Holdings Inc. said it will acquire all
of the outstanding shares of common stock from Kansas City, Mo.-based American
Italian Pasta Co. (AIPC) for $53.00 per share in cash, for a total purchase
price of approximately $1.2 billion. The transaction is expected to close
during Ralcorp’s fourth fiscal quarter ending Sept. 30, and is subject to
customary closing conditions and regulatory approvals, as well as a majority of
the outstanding shares of AIPC common stock being validly tendered and not
withdrawn in the tender offer.
“We are excited about the
addition of AIPC to the Ralcorp family,” said Kevin Hunt, co-CEO and president
of Ralcorp. “This transaction strengthens our position as a diversified
provider of private label and branded food products, and we anticipate that by
adding AIPC’s No. 1 position in private label dry pasta, strategically located
production facilities, solid brands and top-tier consumer base to Ralcorp’s
capabilities, we will be able to better address a broader spectrum of customer
and consumer needs.”
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