Conagra Brands-Pinnacle Foods Deal Gets U.S. Antitrust Approval

(RTTNews) - Conagra Brands Inc. (CAG) and Pinnacle Foods Inc. (PF) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the previously announced acquisition of Pinnacle Foods by Conagra Brands.

The expiration of the waiting period under the HSR Act is one of the conditions necessary for completion of this transaction.

The transaction is expected to close by the end of calendar year 2018, and is subject to other customary closing conditions, including approval by Pinnacle Foods stockholders.

In June 2018, Conagra Brands and Pinnacle Foods Inc. announced a definitive agreement under which Conagra Brands would acquire all outstanding shares of Pinnacle Foods in a cash and stock transaction valued at approximately $10.9 billion, including Pinnacle Foods' outstanding net debt. Pinnacle Foods shareholders will receive $43.11 per share in cash and 0.6494 shares of Conagra Brands common stock for each share of Pinnacle Foods held. On a pro forma basis, Pinnacle Foods shareholders are expected to own approximately 16% of the combined company, assuming issuance of the incremental equity to the public.