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.
Steve Preston, president and CEO of Goodwill Industries International, shares how the organization’s programs have helped over 2 million people develop their tech skills.
Box office analyst Shawn Robbins breaks down how the theater business is faring as two of 2023’s biggest movies are on their way to the Academy Awards.
Burns McKinney, portfolio manager at NFJ Investment Group, discusses how the Fed is balancing recession risks and interest rate cuts, plus whether the tech rally will broaden.
Nick Wolny, CNet editor, tells consumers about BNPL being added to credit reports – and why they may want to be more cautious about using it as an option.
Co-founders of 1953 Tequila, Shivam Mallick Shah and Lindsey Davis Stover, share how they broke into the traditionally male-dominated world of tequila production.
In case you needed yet another incentive to cram all your travel items into a carry-on, Delta Airlines has just boosted the cost of your first checked bag by 17 percent.
