logo-loader

Conagra Brands reaches US$10.9bn deal to acquire Pinnacle Foods

Last updated: 09:10 27 Jun 2018 EDT, First published: 09:00 27 Jun 2018 EDT

Birds Eye logo
Pinnacle shareholders are set to own about 16% of the combined company

Conagra Brands Inc (NYSE:CAG) is to acquire Pinnacle Foods Inc (NYSE:PF) in a cash and stock transaction valued at US$10.9bln including debt.

The tie-up of Conagra, which makes the Healthy Choice line-up of frozen food choices, and Pinnacle, the maker of Birds Eye foods, Hungry-Man TV dinners, Mrs. Paul’s fish sticks and Duncan Hines, will create a frozen-food behemoth, with combined annual sales of roughly US$11bn.

Under the deal’s terms, Pinnacle shareholders will get US$43.11 per share in cash and 0.6494 shares of Conagra’s common stock for each share of Pinnacle. Pinnacle shareholders are set to own roughly 16% of the combined company.

The transaction is expected to close by the end of this year, subject to the approval of Pinnacle shareholders.

Conagra Brands shares are down 5% in pre-market trade at US$36.32 while Pinnacle shares are off 3.5% at US$65.50.

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

8 minutes ago