TIMELINE-ConAgra finally wins over Ralcorp with $5 bln offer
Nov 27 (Reuters) - ConAgra Foods Inc sealed a deal to buy long-time target Ralcorp Holdings Inc for $5 billion, or $90 per share, after a nearly two-year pursuit. Ralcorp rejected several offers from ConAgra last year and later spun off its cereal business, Post Holdings Inc.
Following are the main events in the chase:
March 22 - ConAgra Foods makes $82 a share cash-and-stock bid for Ralcorp.
May 1 - Ralcorp board rejects an unsolicited offer it received from a third party in March.
May 4 - ConAgra sweetens offer to $86 per share in cash, worth a total $4.9 billion. Ralcorp rejects the offer and adopts a shareholder rights plan.
May 6 - ConAgra hires a proxy solicitor, indicating it is gearing up to attempt a hostile takeover.
June 23 - ConAgra says still wants Ralcorp, but can do without.
July 14 - Ralcorp says plans to hive off its Post Foods cereals unit to create two pure-play companies. ConAgra says proposed acquisition continues to be in best interests of Ralcorp shareholders. Continued...