ConAgra Officially Withdraws Ralcorp Offer

September 20, 2011
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ConAgra Foods officially announced the withdrawal of its $94 a share, all-cash proposal to acquire Ralcorp Holdings, Inc.




ConAgra Foods officially announced the withdrawal of its $94 a share, all-cash proposal to acquire Ralcorp Holdings, Inc. This follows Ralcorp’s failure to enter into a constructive dialogue with ConAgra Foods regarding its all-cash proposal for Ralcorp by the designated deadline of 5 p.m. ET on Monday, Sept. 19.
ConAgra has tried on three separate occasions to buy St. Louis-based Ralcorp and has been rejected each time. On the most recent occasion, Omaha-based ConAgra offered $94 a share in cash after Ralcorp had previously turned down an $82 a share offer in April and an $86 a share bid in May.
Ralcorp also had announced a series of moves this summer, such as the spin-off to shareholders of Post Foods, and the purchase of Sara Lee's private label refrigerated dough business, designed to further push ConAgra away.

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