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Conagra agrees to acquire Parsippany-based Pinnacle Foods for $10.9B

Conagra on Wednesday announced a definitive agreement to acquire Parsippany-based Pinnacle Foods in a cash-and-stock deal valued at about $10.9 billion, including $2.7 billion in debt assumption.

Conagra, which has brands including Reddi Whip and Marie Callender’s, will add Pinnacle’s Vlasic and Aunt Jemima once the deal closes.

“The transaction is expected to close by the end of calendar 2018, subject to the approval of Pinnacle Foods shareholders, the receipt of regulatory approvals and other customary closing conditions,” the companies said.

Under deal terms, shareholders of Pinnacle Foods would get $43.11 per share in cash and 0.6494 shares of Conagra Brands common stock for each share of Pinnacle Foods held.

"Today's transaction provides Pinnacle Foods shareholders with substantial and immediate value, as well as the opportunity to participate in the significant upside potential of the combined company," Pinnacle CEO Mark Clouse said. "Because of our employees' incredible work, Pinnacle's total shareholder return is approximately 275 percent since our IPO, and today marks an important milestone in the company's journey. The portfolios and capabilities of both enterprises are impressive and complementary. We look forward to working through a seamless transition with the Conagra Brands team."

Founded in 1998 as Vlasic Foods International, the company was formed by Campbell Soup Co. brands Open Pit and Vlasic Pickles. It was acquired in 2007 by the Blackstone Group, a New York City-based private equity firm.

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