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ConAgra Made Offer to Buy Ralcorp; No Talks Right Now
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CNBC Reporter
Conagra has sent a letter to the board of Ralcorp making an unsolicited offer to buy the company, according to sources close to the situation.
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Photo: postcereal.com |
There are no ongoing discussions between the companies.
Both companies have been plagued by commodity prices — Conagra [CAG
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] owns brands like Slim Jim and Chef Boyardee — Ralcorp [RAH
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] primarily makes starches like cookies and pasta.
After the failed leveraged buyout of Sara Lee [SLE
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] earlier this year, there have been questions surrounding the fate of both Conagra and Ralcorp. This is potentially a move to circumvent that speculation.
Ralcorp shares surged after the announcement. Get Ralcorp quotes here.
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