Conagra Buying Pinnacle Foods in $10.9 Billion Deal
*By Justin Chermol*
Shares of Conagra Brands and Pinnacle Foods dropped Wednesday after the companies announced an $11 billion merger that would create a giant in the frozen food industry.
The cash and stock deal, which brings together the Healthy Choice and Bird’s Eye, values Pinnacle at $68 a share, only a few cents higher than where the stock closed on Tuesday.
With grocery giants like Walmart, Kroger, and Costco, putting pressure on packaged food makers to reduce prices, companies like Conagra and Pinnacle have been forced to consolidate. Further weighing on these companies is the increased awareness of health and nutrition over the past decade, which has driven down sales of packaged, frozen, non-perishable foods.
But both Conagra and Pinnacle have recently debuted healthier frozen food options and reduced prices, helping grow sales in their most recent quarters. A combined company would have annual revenues of about $11 billion.
Candace Mitchell Harris discusses her path from computer scientist to founder of beauty tech tool MYAVANA – and how it uses A.I. to analyze each person’s unique haircare needs.
Michael Harris, NYSE global head of capital markets shares what to expect from IPOs in 2024, including A.I. excitement and why interest rate cuts are always helpful.
Lacy Garcia, Founder & CEO of Willow, shares why women, traditionally underserved by fintech, are looking for trust and a personal relationship from their financial advisor.
Alexander Reed, CFA and CIO for Envisage Wealth, breaks down why he thinks rates could stay higher for longer and why real estate, utilities, and regional banks are sectors to avoid.
Big brands that have relied on TikTok videos to reach younger consumers do not appear to be panicking as they wait to see what happens. But they have started planning.
It's been 15 years since the last fatal crash of a U.S. airliner, but you wouldn't know that from a torrent of flight problems that made news in the last three months.
Abortion opponents want the high court to ratify a ruling from a conservative federal appeals court that would limit access to a medication called mifepristone, which was used in nearly two-thirds of abortions last year.
Annie Chechitelli, chief product officer at Turnitin, breaks down how students and teachers alike can learn from artificial intelligence – while still maintaining academic integrity.
