Source:  Dani Friedland, MEATNGPLACE.COM, 5/6/11

The board of directors at Ralcorp Holdings, Inc., has unanimously rejected ConAgra’s offer, according to a statement on Ralcorp’s website.

“Our board of directors affirms its commitment to Ralcorp as an independent company,” Ralcorp's chairman, William Stiritz, said.

ConAgra Foods had offered a proposal to buy Ralcorp for about $4.9 billion. 

“Ralcorp, as an independent company, has a proven track record of delivering superior results and shareholder value, having delivered total shareholder returns of 418 percent over the past 10 years and 114 percent over the past five years,” Stiritz said. “We are confident that Ralcorp has a strategic plan and a proven management team that will continue to generate significant shareholder value in the future.”

Ralcorp produces cereals (including the Post brand), snack and other foods under a variety of store and value brands, dry pasta and frozen bakery items.

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