Monday, April 15, 2024

Conagra Brands to acquire Pinnacle Foods for about $8.1 billion

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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. . .

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