Ralcorp rejects unsolicited takeover proposal
May 2, 2011
ST. LOUIS — Ralcorp Holdings, Inc. late Sunday confirmed that its board of directors received an unsolicited proposal from a third party in March 2011. Ralcorp said its board reviewed and considered the proposal, but unanimously concluded the proposal is not in the best interests of shareholders and determined not to pursue the proposal.
According to a CNBC report, the bidder was ConAgra Foods, Inc., Omaha.
“The board of directors of Ralcorp has a high level of confidence in the management team and in the future prospects of Ralcorp,” said William Stiritz chairman of Ralcorp. “We have not met, and are not in discussions, with any third party regarding the sale of the company. Our board of directors is resolutely committed to executing its strategic plan, which we expect will continue to generate significant shareholder value.”
Ralcorp’s share price climbed as high as $81 today after closing at $77.80 on Friday, April 29.