After an aggressive buyout attempt, ConAgra Foods withdrew its $5.17 billion bid for Ralcorp Holdings in September, ending its pursuit of the food maker.
The Omaha, Neb., maker ofOrville Redenbacher, Chef Boyardee, Healthy Choiceand other brands, has made several unsuccessful bids since March for St. Louis-based Ralcorp Holdings Inc. A successful deal would widen ConAgra's array of products, but Ralcorp was not interested and quickly rejected all offers. ConAgra finally set an Oct. 3 deadline for Ralcorp to start discussions or it would walk away.
Ralcorp, which first turned down the latest $94-per-share offer in August, rejected it again in mid-September. The offer is higher than Ralcorp's stock, but made it clear that it has no interest in the matter.
Ralcorp maintains that its plan, announced in July, to spin off itsPostcereal business to focus on its private-label foods business will provide better value for its shareholders.