Kraft Heinz passed on Pinnacle Foods and that means it may not want to buy Campbell Soup

Kraft Heinz passed on Pinnacle Foods and that means it may not want to buy Campbell Soup

Kraft Heinz passed on the opportunity to bid on Pinnacle Foods in a recent sale of the company, sources tell CNBC. Kraft Heinz told Pinnacle Foods “such an acquisition would not be a good strategic fit … at the current valuation levels.” Its disinterest in Pinnacle may have implications for its potential interest in Campbell, should the soup giant put itself up for sale. Kraft Heinz recently passed on the opportunity to bid on Pinnacle…

Read More

Conagra Brands to acquire Pinnacle Foods for about $10.9 billion

Conagra Brands to acquire Pinnacle Foods for about $10.9 billion

Conagra Brands on Wednesday announced plans to acquire Pinnacle Foods in a cash-and-stock deal valued at about $8.1 billion that furthers Conagra’s transformation under CEO Sean Connolly and its push into frozen foods. Including debt, the deal is valued at $10.9 billion. The pairing of Healthy Choice-owner Conagra and Bird’s Eye-owner Pinnacle would create the second-largest U.S. frozen food company behind Nestle, analysts at RBC Capital Markets have written. Conagra has poured money into its…

Read More

Conagra Brands is nearing a deal to acquire Pinnacle Foods

Conagra Brands is nearing a deal to acquire Pinnacle Foods

Conagra Brands is in advanced talks to acquire Pinnacle Foods in a deal that could be announced as soon as this week, sources familiar with the situation told CNBC on Tuesday. A deal price could not be immediately obtained, but it will be financed partially in cash and partially in stock, the sources said. Shares of Pinnacle were up 2.51 percent on CNBC’s report, giving it a market capitalization of $8.10 billion, while shares of…

Read More