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BREAKING NEWS FROM CNBC'S KAYLA TAUSCHE: CONAGRA REJECTED BID VALUED RALCORP IN THE "LOW-80s"

WHEN: TODAY, MONDAY, MAY 2ND

WHERE: CNBC'S "POWER LUNCH"

Following is the unofficial transcript of breaking news from CNBC's Kayla Tausche. All references must be sourced to CNBC.

TAUSCHE: WELCOME BACK TO POWER LUNCH I AM KAYLA TAUSCHE. ON FRIDAY WE REPORTED THAT CONAGRA HAD MADE AN UNSOLICITED BID FOR RALCORP I HAVE NOW LEARNED THAT BID VALUED RALCORP IN THE LOW 80S PER SHARE ACCORDING TO A SOURCE WITH KNOWLEDGE OF THOSE DISCUSSIONS NOW AT THE TIME THAT WAS ABOUT A PREMIUM OF ABOUT 25 27% AND THE OFFER THEN WAS A MIX OF STOCKS AND CASH THAT OFFER WAS SENT IN MARCH AND WAS NOT INTENDED TO BE HOSTILE I'M TOLD CONAGRA EXECUTIVES WERE AWARE AT THE TIME THAT RALCORP WAS ALSO TALKING TO APPOLLO GLOBAL MANAGEMENT THAT MIGHT HAVE CAUSED THEM TO JUMP THE GUN ON MAKING A FORMAL OFFER AND LAST NIGHT RALCORP ISSUED A PRESS RELEASE ACKNOWLEDGING THE PROPOSAL AND ITS SUBSEQUENT REJECTION AND IT SAID IT IS NOT TALKING TO ANY THIRD PARTY RIGHT NOW MY SOURCES SAY CURRENTLY THE COMPANY IS NOT IN DISCUSSIONS WITH EITHER APOLLO OR CONAGRA.

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