By Greg Hazley
ConAgra Foods has engaged Brunswick Group as the Omaha-based company pursues a $4.9 billion acquisition of food producer Ralcorp Holdings, which has brushed off the offer.
ConAgra announced the unsolicited $86-per-share proposal on May 4. That public statement came three days after Ralcorp was forced because of market activity to go public with a statement acknowledging that it had received an offer from a third party in March.
Ralcorp has hired Joele Frank, Wilkinson Brimmer Katcher, said Ralcorp spokesman Matt Pudlowski.
Ralcorp markets Post brand cereals and various store-brand foods like chips, cookies and peanut butter.
The same day ConAgra went public on Wednesday, St. Louis-based Ralcorp said the deal was "not in the best interest of shareholders" and expressed a desire to remain independent.
ConAgra says the combine would build on its own $850M private-label foods business creating an entity with $4B in annual sales. Its latest offer is up from an initial $82-per-share pitch in March, which was not previously disclosed.
"By combining our two businesses, we will create one of the top U.S. food companies, with product offerings across a wide range of price points, categories and channels," said ConAgra CEO Gary Rodkin.
Brunswick senior partner Steve Lipin and director Gemma Hart in New York are supporting ConAgra’s media relations under the direction of Teresa Paulsen, VP/corporate comm.
|