Conagra Acquiring Pinnacle Foods

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Published on June 28 2018 9:10 am
Last Updated on June 28 2018 9:14 am
Written by Greg Sapp

Conagra Brands, Inc. is acquiring Pinnacle Foods Inc.

The boards of Conagra and Pinnacle Foods have unanimously approved a defintive agreement under which Conagra Brands will acquire all outstanding shares of Pinnacle Foods in a cash and stock transaction valued at approximately $10.9 billion, including Pinnacle Foods' outstanding net debt.

Under the terms of the transaction, Pinnacle Foods shareholders will receive $43.11 per share in cash and 0.6494 shares of Conagra Brands common stock for each share of Pinnacle Foods held.

Pinnacle Foods has operations in this region including a production facility in St. Elmo, as well as operations in Effingham, Mattoon and Centralia.