Since August 12, ConAgra Foods has heard from many of Ralcorp’s shareholders who are urging Ralcorp to enter into negotiations with ConAgra Foods based on the strength of ConAgra Foods’ $94 per share all-cash proposal.
However, Ralcorp has continued to refuse ConAgra Foods’ attempts to engage privately and hold a constructive discussion regarding the strong value, strategic logic and certainty of its proposal, ConAgra said.
As part of ConAgra Foods’ recent attempt to enter into discussions with Ralcorp, ConAgra Foods sent a presentation to Ralcorp’s directors, emphasising the value and certainty of ConAgra Foods’ proposal.
Despite repeated attempts by ConAgra Foods since its initial letter was sent to Ralcorp on March 22, 2011, Ralcorp has been unwilling to engage in discussions of any nature with ConAgra Foods, the company added.
Ralcorp has reiterated that it is singularly focused on pursing a separation of its businesses as announced on July 14.
Source: ConAgra Foods
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