Conagra Warms to Pinnacle Foods, but Deal Unlikely to Bolster Its Competitive Edge
Narrow-moat Conagra’s fiscal 2018 results (which included 1.4% sales growth and 13% operating margins) were overshadowed by the news that after years of speculation it's adding no-moat Pinnacle to its mix in a $10.9 billion deal (equating to $68 per share). The transaction is structured such that Pinnacle shareholders will receive $43.11 per share in cash and 0.6494 shares of Conagra's stock per share of Pinnacle held. This suggests an adjusted EBITDA multiple of 15.8 times Pinnacle’s estimated ...Conagra Brands is a packaged goods food company. The company's segments are: Grocery and Snacks, which includes branded, shelf stable food products sold in various retail channels; Refrigerated and Frozen, which includes branded, temperature controlled food products sold in various retail channels; International, which includes branded food products sold in retail and foodservice channels outside of the U.S.; Foodservice, which includes customized food products for sale to restaurants and other foodservice establishments; Pinnacle Foods, which includes and private-label food products; and Commercial Foods, which included commercially branded and private label food and ingredients, among others.
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