Ratings for ConAgra and Ralcorp on review
Moody's and Standard & Poor's are reviewing their ratings for ConAgra Foods and Ralcorp, following ConAgra's announcement that it plans to buy private-label food producer Ralcorp for $5 billion.
ConAgra Foods, whose brands include Banquet and Chef Boyardee, will pay $90 per share to Ralcorp Holdings stockholders. The companies value the transaction at about $6.8 billion, when debt is included. The acquisition is expected to close by the end of March, provided it gets approval from Ralcorp shareholders.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)