Added to PWER--Power-One Inc.-7.76-Sold CAG at a moderate profit on todays strength. I don't like them spending 4.9 billion or more for Ralcorp.
ConAgra ups Ralcorp hostile bid to $4.9B
Dayton Business Journal
Date: Wednesday, May 4, 2011, 10:58am EDT
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Banking & Financial Services, Retailing & Restaurants, Mergers and Acquisitions, Consumer Goods, Investing
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ConAgra Ralpacorp hostile takeover bid
ConAgra is boosting its hostile takeover bid for Ralpacorp to $4.9 billion in cash.
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ConAgra Foods Inc. has boosted its hostile bid to $4.9 billion in cash in its effort to buy Ralcorp Holdings Inc.
ConAgra (NYSE: CAG), whose retail brands include Hunt's, Libby's, Banquet and Parkay, has been unsuccessfully seeking negotiations with Ralcorp since late February. The company is taking its cash offer of $86 a share directly to Ralcorp shareholders after Ralcorp's board rejected a March 22 offer of $82 a share in cash and stock, according to a ConAgra filing today with the U.S. Securities and Exchange Commission.
In addition to the offering price, ConAgra's proposal includes the assumption of about $2.5 billion in Ralcorp debt.
"We are communicating our all-cash proposal directly to Ralcorp shareholders to encourage Ralcorp's Board of Directors to engage with us, as our desire is to negotiate a combination on a collaborative basis," ConAgra states in its SEC filing. "We respect what Ralcorp has achieve and will continue to seek engagement from and collaborative discussions with Ralcorp to effect a transaction."
ConAgra says the new offer is a 32 percent premium to Ralcorp's stock price March 21, when it made its first offer. Ralcorp stock has since increased more than 16 percent.
Ralcorp officials confirmed May 1 that the company receiveed an unsolicited bid that the board rejected. At the time, they did not reveal who made the bid.
The board at the St. Louis-based cereal and frozen food maker “unanimously concluded that the proposal is not in the best interests of shareholders and determined not to pursue the proposal,” the company said Sunday. ..
Read more: ConAgra ups Ralcorp hostile bid to $4.9B | Dayton Business Journal
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