Conagra Brands completes $10.9bn acquisition of Pinnacle Foods

Conagra acquisition of Pinnacle Foods : Conagra Brands has wrapped up its previously announced cash and stock deal worth $10.9 billion to acquire rival US packaged foods company Pinnacle Foods.

Conagra Acquisition of Pinnacle Foods

Announced in June 2018, Conagra acquisition of Pinnacle Foods was completed following approval from Pinnacle Foods’ shareholders and meeting of all terms and conditions. (Check out the full details of Conagra Brands Acquisition of Pinnacle Foods)

As per the terms of the Conagra acquisition of Pinnacle Foods, the former paid shareholders of the latter $43.11 per share in cash along with 0.6494 of its shares for each share of Pinnacle Foods.

Conagra Brands expects the acquisition of Pinnacle Foods to help in implementing its multi-year transformation plan and also to expand its footprint and capabilities in most of its strategic categories such as frozen foods and snacks.

Story on Conagra acquisition of Pinnacle Foods. Photo courtesy of Tyrone from Omaha, NE/Wikipedia.org

Pinnacle Foods, which has sales of more than $3 billion per year, owns various frozen, refrigerated and shelf-stable food products.

Conagra acquisition of Pinnacle Foods is also expected to create an enlarged portfolio comprising popular food brands covering the frozen and refrigerated meals and also the snacking and sweet treat segments.

With the acquisition, Conagra Brands adds well-known brands to its portfolio, including Birds Eye, Duncan Hines, Vlasic and Earth Balance along with growing brands like Gardein, Wish-Bone, Glutino, Udi’s, EVOL and others.

Commenting on Conagra acquisition of Pinnacle, Sean Connolly – President and CEO of Conagra Brands, said: “Expanding Conagra Brands’ portfolio through the acquisition of Pinnacle Foods creates a tremendous opportunity to drive profitable growth and shareholder value by further leveraging our proven approach to innovation, brand-building, operational excellence and deep customer relationships.

“We are excited to combine the Pinnacle and Conagra Brands portfolios in the attractive frozen meals and snacks and sweet treats categories. The complementary brands, operations and results-oriented cultures will help facilitate an effective integration and the continued transformation of Conagra Brands.”

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