Ralcorp to buy American Italian Pasta for $1.2 billion

The offer price of $53 a share is at a 27 percent premium to American Italian Pasta's Friday close.

Shares of Ralcorp were down 6 percent at $58.86 Monday morning on the New York Stock Exchange. Share of American Italian Pasta were trading up 26 percent at $52.56 on Nasdaq.

"American Italian's branded products have achieved consistent margin expansion, which makes the business an attractive financial opportunity as a part of our portfolio of businesses," a company executive said on a conference call with analysts.

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- Posted: 2010-06-21 09:48:33

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