Packaged food company ConAgra Foods will buy private-label food maker Ralcorp in a deal valued at $6.8 billion, including assumed debt. The acquisition will make ConAgra the largest private-label food manufacturer in the U.S.
The deal marks the end of 1½ years of negotiations between the two firms. ConAgrawhich owns major food brands such as Chef Boyardee, Healthy Choice, Hunt’s and Slim Jimwill pay $90 in cash for each Ralcorp share. Ralcorp had rejected previous takeover bids from ConAgra.
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