ConAgra Foods Withdraws Its $94 Per Share All-Cash Proposal to Acquire Ralcorp Holdings
September 19 2011 - 5:02PM
Business Wire
ConAgra Foods today announced the withdrawal of its $94 per
share, all-cash proposal to acquire Ralcorp Holdings, Inc. (NYSE:
RAH). This follows Ralcorp’s failure to enter into a constructive
dialogue with ConAgra Foods regarding its all-cash proposal for
Ralcorp by the designated deadline of 5:00pm Eastern time on
September 19, 2011.
About ConAgra Foods
ConAgra Foods, Inc., (NYSE:CAG) is one of North America's
leading food companies, with brands in 97 percent of America's
households. Consumers find Banquet, Chef Boyardee, Egg Beaters,
Healthy Choice, Hebrew National, Hunt's, Marie Callender's, Orville
Redenbacher's, PAM, Peter Pan, Reddi-wip, Slim Jim, Snack Pack and
many other ConAgra Foods brands in grocery, convenience, mass
merchandise and club stores. ConAgra Foods also has a strong
business-to-business presence, supplying frozen potato and sweet
potato products as well as other vegetable, spice and grain
products to a variety of well-known restaurants, foodservice
operators and commercial customers. For more information, please
visit us at www.conagrafoods.com.
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on ConAgra Foods'
current expectations and they include, among others, statements
regarding expected synergies and benefits of a potential
combination of ConAgra Foods and Ralcorp Holdings. There is no
assurance that the potential transaction will be consummated, and
there are a number of risks and uncertainties that could cause
actual results to differ materially from the forward-looking
statements made herein. These risks and uncertainties include the
timing to consummate a potential transaction between ConAgra Foods
and Ralcorp Holdings, the ability and timing to obtain required
regulatory approvals, ConAgra Foods' ability to realize the
synergies contemplated by a potential transaction, ConAgra Foods'
ability to promptly and effectively integrate the businesses of
Ralcorp Holdings and ConAgra Foods and those risks and
uncertainties discussed in ConAgra Foods' filings with the SEC,
including its most recent annual report on Form 10-K and subsequent
reports on Forms 10-Q and 8-K. Investors and security holders are
cautioned not to place undue reliance on these forward-looking
statements, which apply only as of the date of this press release.
ConAgra Foods does not undertake any obligation to update its
forward-looking statements to reflect events or circumstances after
the date of this press release.
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