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ACG New York Women of Leadership - Entrepreneur Series
Barbara Bradley Baekgaard, founder of Vera Bradley (Nasdaq: VRA), is the latest in a series of entrepreneurs highlighted at ACG New York Women of Leadership events. Photo credit: Robert Blumenfeld

Watercooler

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Amid a slow and challenging year for dealmaking, the winners of Mergers & Acquisitions’ 7th Annual M&A Mid-Market Awards outpaced the competition to grow, innovate and lead the middle market

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Financial Services Companies Heat Up M&A Market
Speakers from Flexpoint Ford, Genstar Capital, Baird Capital, Madison Capital Funding and Katten Muchin Rosenman discuss the various factors playing a role in M&A activity within the financial services space

Expert's Corner

Pursuing Pharma Manufacturing
The fragmented pharmaceutical manufacturing industry provides plenty of opportunities for private equity investors, says JLL Partners founder Paul Levy

Today's Transactions:
ConAgra Buys Ralcorp for $6.8B

The target produces private-brand foods sold under store labels

ConAgra Foods Inc. (NYSE: CAG) will acquire Ralcorp Holdings Inc. (NYSE: RAH) for about $6.8 billion.

The purchase price works out to $90 per share in cash, plus debt assumption.

Ralcorp produces private-brand foods sold under store labels, such as snack mixes, crackers, cookies, candy and frozen meals. ConAgra is a packaged food company with brands that include Chef Boyardee, Healthy Choice, Slim Jim and Orville Redenbacher’s.

Ralcorp’s acquisition provides ConAgra with a larger presence in the private label segment, which the buyer expects to accelerate its growth strategy, says Gary Rodkin, ConAgra’s chief executive.

The combined company will have annual sales of about $18 billion and more than 36,000 employees.

The deal is subject to regulatory approval and approval from Ralcorp’s shareholders.

Earlier this year, ConAgra acquired DelMonte and the pita chip business of Kangaroo Brands Inc.

Centerview Partners and Bank of America Merrill Lynch served as ConAgra’s financial adviser, while Davis Polk & Wardwell LLP served as legal adviser. Barclays and Goldman Sachs & Co. acted as Ralcorp’s financial advisers, and Wachtell Lipton Rosen & Katz served as legal adviser. 

 

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