Reuters: Hot Stocks: TIMELINE-ConAgra finally wins over Ralcorp with $5 bln offer

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TIMELINE-ConAgra finally wins over Ralcorp with $5 bln offer Nov 27th 2012, 15:26 Tue Nov 27, 2012 10:26am EST 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: 2011 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. Aug 9 - Ralcorp says to buy Sara Lee's North American private-label refrigerated dough business for about $545 million. Aug 12 - ConAgra sweetens its bid to $94 a share, totaling $5.2 billion in cash. Ralcorp again rejects. Aug 14 - ConAgra says will consider its options after Ralcorp's latest rejection. Sept 13 - ConAgra says will walk away from its takeover offer unless Ralcorp enters into negotiations by September 19. Sept 19 - Ralcorp rejects ConAgra's bid again. Nov 11 - ConAgra says to buy National Pretzel Co to expand its presence in private-label food manufacturing. Nov 29 - ConAgra takes a majority stake in Indian food company Agro Tech Foods Ltd. 2012 Jan 17 - ConAgra agrees to buy Del Monte Canada from an affiliate of Sun Capital Partners. Feb 6 - Ralcorp completes separation of Post Holdings. April 17 - ConAgra to acquire breakfast sandwich and sausage maker Odom's Tennessee Pride. May 22 - ConAgra buys Kangaroo Brands' pita chip business. May 23 - Ralcorp buys private-brand cookie maker, Petri Baking Products. June 18 - Ralcorp completes the acquisition of Gelit S.r.l., a producer of private-brand, frozen ready meals in Italy. July 30 - ConAgra strikes a deal to buy Unilever Plc's North American frozen meal business for $265 million. Aug 23 - Activist investor Corvex Management, headed by Keith Meister, urges Ralcorp to either sell itself, buy another company, or change its strategy. Sept 5 - Ralcorp lays out its growth strategy that includes acquisitions and consolidating its existing businesses into one unit. Sept 27 - Ralcorp agrees to sell its remaining 20 percent stake in Post Holdings to settle about $200 million of debt outstanding as part of a credit agreement. Oct 3 - Ralcorp appoints Meister to its board. Nov 27 - ConAgra offers to buy Ralcorp for $90 per share, or $5 billion in cash. (Compiled by Savio D'Souza and Sriraj Kalluvila, Bangalore desk +91 80 4135 5800; within U.S. +1 646 223 8780) Link this Share this Digg this Email Reprints

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