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BREAKING NEWS FROM CNBC'S KAYLA TAUSCHE: RALCORP HIRES PROXY ADVISORS TO REACT TO CONAGRA

WHEN: TODAY, TUESDAY, MAY 10

WHERE: CNBC'S "THE CALL"

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

KAYLA TAUSCHE: RALCORP HAS HIRED TWO PROXY SOLICITORS GEORGESON AND MACKENZIE PARTNERS AS IT PREPARES FOR A POTENTIALLY HOSTILE OFFER FROM CONAGRA THIS IS TOLD TO ME BY A SOURCE CLOSE TO THE SITUATION RALCORP HAS ALSO SIGNED UP CREDIT SUISSE'S CONTESTED SITUATIONS GROUP WHERE PROXY EXPERT CHRIS YOUNG LEADS THE FIGHT ADVISING ON ANTI-TAKEOVER STRATEGY NOW CONAGRA FOR ITS PART HAS RETAINED A PROXY SOLICITOR OF ITS OWN INNISFREE M&A THAT SAYS IT IS READY TO TAKE ITS $86 ALL CASH OFFER TO STRAIGHT TO RALCORP SHAREHOLDERS RALCORP NOW HAS TWICE REBUFFED CONAGRA APPROACHES AND IT IS NOT GETTING ANY FRIENDLIER I AM TOLD RALCORP CHOSE TO RETAIN BOTH OF THESE FIRMS BECAUSE OF THEIR SUCCESSFUL DEFENSE OF BROADLINE RETAILER TARGET AGAINST SHAREHOLDER BILL ACKMAN DURING A YEAR LONG PROXY FIGHT IN 2008 AND 2009.


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