June 27, 2018 / 10:23 AM / 21 days ago

Conagra to buy Pinnacle Foods for $8.1 billion

June 27 (Reuters) - Conagra Brands Inc, the maker of Hunt’s ketchup and Marie Callender’s microwave dinners, said on Wednesday it would buy Pinnacle Foods Inc for about $8.1 billion in cash and stock.

Pinnacle Foods shareholders will get $43.11 per share in cash and 0.6494 shares of Conagra’s stock for each share of Pinnacle Foods held, Conagra said.

Last week, sources told Reuters that Pinnacle Foods, the owner of Birds Eye frozen foods and Mrs. Butterworth’s syrups, had restarted talks about potentially selling itself to its larger peer.

Including debt, the deal is valued at $10.9 billion. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shailesh Kuber)

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