×

BREAKING NEWS FROM CNBC'S KAYLA TAUSCHE: CONAGRA MADE UNSOLICITED BID FOR RALCORP

WHEN: FRIDAY, APRIL 29, 2011

WHERE: CNBC'S "FAST MONEY HALFTIME REPORT"

Below is an unofficial transcript of breaking news from CNBC's Kayla Tausche on "Fast Money Halftime Report."

All references must be sourced to CNBC.

***

MELISSA LEE: ALRIGHT GUYS WE GOT SOME BREAKING NEWS I WANT TO GO TO THE BREAKING NEWS DESK KAYLA TAUSCHE HAS THE LATEST KAYLA

KAYLA TAUSCHE: THANKS SO MUCH MELISSA. SOME DEAL NEWS HERE. IVE LEARNED CONAGRA SENT A LETTER TO THE BOARD OF RALCORP MAKING AN UNSOLICITED OFFER TO BUY THE COMPANY AND THIS APPROACH WAS MADE ABOUT 2 MONTHS AGO WHEN THE PREMIUM TO THE STOCK PRICE THEN WAS SAID TO BE NICE. YOU CAN SEE THE STOCK HAS RUN UP QUITE A BIT SINCE THEN WHICH MAY COMPLICATE PRICING FOR AN ACTUAL DEAL TO HAPPEN IM TOLD THERE ARE NO ONGOING DISCUSSIONS BOTH COMPANIES HAVE BEEN PLAGUED THOUGH AS WE KNOW BY COMMODITY PRICES CONAGRA OWNS BRANDS LIKE SLIMJIM AND CHEF BOYARDEE RALCORP PRIMARILY MAKES STARCHES LIKE COOKIES AND PASTA BUT LETS REMEMBER AFTER THE FAILED BUYOUT OF SARA LEE EARLIER THIS YEAR THERE HAVE BEEN QUESTIONS SURROUNDING THE FATE OF BOTH CONAGRA AND RALCORP THIS IS POTENTIALLY A MOVE TO CIRCUMVENT THAT SPECULATION.

LEE: KAYLA THANKS SO MUCH FOR THAT REPORT.

About CNBC:

With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD+, CNBC is the recognized world leader in business news providing real-time data, analysis and information to more than 390 million homes worldwide. The network's 16 live hours a day of business programming in North America (weekdays from 4:00 a.m.- 8:00 p.m.) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC.com and CNBC Mobile Web (mobile.cnbc.com) offer real-time stock quotes, charts, analysis and both on-demand and live streaming video.

Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/