ST. LOUIS, Aug. 12, 2011 /PRNewswire/ -- On August 11, 2011, Ralcorp Holdings, Inc. (NYSE:
RAH) received a letter from ConAgra Foods (NYSE: CAG) with a
non-binding proposal to combine the two companies at $94.00 per share in cash. The Ralcorp Board
of Directors carefully reviewed the proposal, unanimously
determined that it is not in the best interests of Ralcorp and its
shareholders and has sent the following response:
August 12, 2011
ConAgra Foods, Inc.
One ConAgra Drive
Omaha, Nebraska 68102
Attention: Gary M. Rodkin, Chief
Executive Officer
Dear Mr. Rodkin:
I received your letter dated August
11th and have discussed it with our Board of Directors.
Ralcorp has a very strong track record of creating superior long
term shareholder value. After careful review, our Board of
Directors has determined that the separation of Post Foods from
Ralcorp will better allow each company to focus on strategies
specific to their particular businesses, thereby unlocking
additional significant value for our shareholders.
We are firmly committed to this plan and therefore, we have
unanimously determined that we have nothing further to discuss.
Sincerely,
/s/
William P. Stiritz
Chairman of the Board
About Ralcorp Holdings, Inc.
Ralcorp produces Post branded cereals, a variety of
private-brand foods sold under the individual labels of various
grocery, mass merchandise and drugstore retailers, and frozen
bakery products sold to in-store bakeries, restaurants and other
foodservice customers. Ralcorp's diversified product mix
includes: ready-to-eat and hot cereals; nutritional and cereal
bars; snack mixes, corn-based chips and extruded corn snack
products; crackers and cookies; snack nuts; chocolate candy; salad
dressings; mayonnaise; peanut butter; jams and jellies; syrups;
sauces; frozen griddle products including pancakes, waffles, and
French toast; frozen biscuits and other frozen pre-baked products
such as breads and muffins; frozen dough; and dry pasta. For
more information about Ralcorp, visit the Company's website at
www.ralcorp.com.
Contact:
Matt Pudlowski
Director, Business Development
(314) 877-7091
Joele Frank / James Golden
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
SOURCE Ralcorp Holdings, Inc.