The newly combined company will be the biggest private-label packaged food business in North America. The deal is valued at $6.8 billion including debt, according to ConAgra. Ralcorp shareholders will receive $90 a share in cash, a 28.2% premium to Monday's close.
Ralcorp rejected several of ConAgra's offers last year, choosing instead to spin off its Post cereal business. Ralcorp's product line also includes pasta, snacks, sauces and frozen baked goods.
ConAgra, which has brands including Chef Boyardee and Egg Beaters, said the deal will add to earnings in the first year. The combined company will have sales of about $18 billion annually.
Apple (AAPL) is trending as the company announced the new iMac will be available on Friday, Nov. 30. The new computer will feature a 21.5-inch screen, faster processors and Fusion Drive, a new storage option. The computer will be available though the Apple Online Store, in Apple retail stores and select Apple Authorized Resellers. A 27-inch iMac will be available for order through the Apple Online Store and will start shipping in December. The new iMac is 5mm thin -- 80% smaller than the previous line of iMacs. It's also eight pounds lighter than its predecessors. The 21-inch iMac starts at $1,299, while the 27-inch version begins at $1,799.
Lehman Brothers is another popular search. Lehman Brothers Holdings is selling apartment-building owner Archstone Enterprise LP for $6.5 billion in cash and stock to Equity Residential (EQR) and AvalonBay Communities (AVB).
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV