ConAgra makes 'last' attempt to buy Ralcorp
Sept. 14, 2011
by Eric Schroeder
OMAHA — ConAgra Foods Inc. late Tuesday said it plans to withdraw its approximately $5.18 billion offer for St. Louis-based Ralcorp Holdings, Inc. by Sept. 19 if the company doesn’t “engage in a constructive dialogue.”
ConAgra has sent Ralcorp a presentation on the merits of its $94-a-share bid, but so far Ralcorp, the maker of Post cereals, has rejected three offers from ConAgra, the latest coming in August. Earlier, Ralcorp shunned bids of $86 per share and $82 per share.
Instead, Ralcorp has said it plans to spin off its Post Foods unit to focus on making private label foods.