ConAgra to acquire Pinnacle Foods in a $10.9B deal

The company that owns such iconic brands such as Birds Eye and Duncan Hines is joining a family of names featuring Hunts and Healthy choice.

Pinnacle foods is being bought by Conagra for $8.1 billion dollars in cash and stock.

Including debt, the deal is worth $10.9 billion.

The deal creates a leader in frozen foods with an expanded presence in snacks.

Pinnacle shareholders will get $43.11 per share in cash plus 0.6494 shares of Conagra common stock for each Pinnacle share.

Conagra says it will maintain its quarterly dividend at the current annual rate of $0.85 per share.

The transaction is expected to close by the end of 2018.