Conagra to acquire Pinnacle Foods for about $8.1 billion
CHICAGO — Conagra Brands has announced plans to acquire Pinnacle Foods in a cash-and-stock deal valued at about $8.1 billion. Including debt, the deal is valued at $10.9 billion.
Pinnacle shareholders will receive $43.11 per share in cash and 0.6494 shares of Conagra’s common stock for each share of Pinnacle. Pinnacle shareholders are expected to own approximately 16 percent of the combined company.
The deal will help ConAgra expand in the frozen food and snacks categories.
Pinnacle’s brands include Birds Eye, Duncan Hines and Hungry-Man. Chicago-based Conagra has brands such as Reddi-wip, Hunt’s, Healthy Choice and Slim Jim.
The deal is targeted to close by the end of the year. It still needs approval from Pinnacle shareholders.
