Ralcorp rejects ConAgra’s $4.9bln bid

Post cereal maker Ralcorp on Wednesday rejected ConAgra’s unsolicited $4.9 billion buyout offer and adopted a shareholder rights plan to prevent outside investors from gaining control of the company without paying a premium price.

It is the second time this week Ralcorp /quotes/comstock/13*!rah/quotes/nls/rah RAH -0.01% has publicly spurned a deal from ConAgra /quotes/comstock/13*!cag/quotes/nls/cag CAG +3.07% , which initially proposed a $4.5 billon cash and stock deal in a March 22 letter sent to Ralcorp Chairman William Stiritz.

“We are confident that Ralcorp has a strategic plan and a proven management team that will continue to generate significant shareholder value in the future,” Stiritz said in a statement Wednesday afternoon.

Ralcorp this week issued a fiscal 2011 profit forecast that exceeded then-analyst projections.

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- Posted: 2011-05-04 15:25:03

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