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ConAgra Foods Inc to Acquire Ralcorp Holdings Inc; Reaffirms FY 2013 EPS Guidance


Tuesday, 27 Nov 2012 07:00am EST 

ConAgra Foods Inc and Ralcorp Holdings Inc announced that the boards of directors of both companies have unanimously approved a definitive agreement under which ConAgra Foods will acquire Ralcorp, manufacturer of private label food in the U.S. Under the terms of the agreement, Ralcorp shareholders will receive $90.00 per share in cash for each outstanding share of common stock held, representing a 28.2% premium to the closing price of Ralcorp`s common stock on November 26, 2012, and a 24.9% premium to the average closing price of Ralcorp`s common stock for the 30 trading days ending November 26, 2012. The transaction is valued at approximately $6.8 billion, including the assumption of debt. Excluding any benefit from this transaction, ConAgra Foods' expectations for fiscal 2013 fully diluted EPS remain unchanged at $2.03 to $2.06, adjusted for items impacting comparability. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EPS of $2.05 for fiscal 2013. 

Company Quote

33.15
0.17 +0.52%
12:24pm EDT