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ConAgra Foods to Acquire Ralcorp for $90/Share in Cash

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ConAgra Foods (NYSE: CAG) and Ralcorp Holdings, Inc. (NYSE: RAH)
today announced that the boards of directors of both companies have
unanimously approved a definitive agreement under which ConAgra Foods
will acquire Ralcorp, the largest manufacturer of private label food in
the U.S. Under the terms of the agreement, Ralcorp shareholders will
receive $90.00 per share in cash for each outstanding share of common
stock held, representing a 28.2% premium to the closing price of
Ralcorp's common stock on November 26, 2012, and a 24.9% premium to the
average closing price of Ralcorp's common stock for the 30 trading days
ending November 26, 2012. The transaction is valued at approximately
$6.8 billion, including the assumption of debt.

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