ConAgra Foods unsurprisingly withdrew its $5.2 billion bid for Ralcorp Holdings at 5 p.m. on Monday after Ralcorp’s Board of Directors again rejected its takeover bid.
Since March, ConAgra – the maker of Chef Boyardee – has made several unsuccessful bids for Ralcorp, which owns Post cereal and other private-label foods, but Ralcorp has rejected all offers. Last week, ConAgra set a deadline for Monday to begin discussions or it would walk away from the table.
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Ralcorp turned down the latest $94-per-share offer last month, which is higher than it has ever traded, and again on Monday.
This past July, Ralcorp indicated that it planned to spin off its Post cereal business in order to focus on its private-label foods business.