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Ralcorp discards ConAgra’s takeover bid
11 May 2011: Ralcorp’s board of directors has rejected ConAgra’s $4.9 billion (approx Rs 21,805 crore) takeover bid, citing that the bid is not in shareholders’ best interests and that the board is committed to Ralcorp’s independence. After an earlier rejection, ConAgra upped its bid from $82 to $86 a share in an attempt to expand its presence in the booming private label sector. Apart from Ralcorp’s iconic Post branded cereals, the company also has an extensive range of private label products, including cookies and crackers, snack nuts, cereals, dry pasta, jams and syrups, among others.
Source: Foodnavigator