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.
Archer Aviation CEO Adam Goldstein talks about the advancements in electric air taxis and how his company is changing the future of air transportation. Watch!
Ben Soffer, aka @boywithnojob, discusses his journey from social media influencer to entrepreneur and why he wanted to enter the competitive drink space. Watch!
StockstoTrade.com Technical Trainer, Tim Bohen, discusses why he thinks Trump is doing what he is doing and how it will affect the market going forward.
Jacob Sonenshine, Stock Pick Writer at Barron's, unpacks the current state of the markets, Trump's tariffs and if more volatility is on the way. Watch!
