Pinnacle shareholders stand to benefit from Conagra’s $8.2 billion offer to purchase the firm.
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 ...Pinnacle Foods is a holding company. The company is a manufacturer, marketer and distributor of convenience food products. The company's operations are managed and reported in four operating segments: frozen, which is comprised of the retail businesses of the company's legacy frozen brands, including vegetables, complete bagged meals, frozen dinners and entrees, among others; grocery, which is comprised of the retail businesses of the company's grocery brands; boulder, which is comprised of the retail businesses of the company's health and wellness lifestyle brands; and specialty, which includes the company's snack products (Tim's Cascade and Snyder of Berlin) and all of its U.S. foodservice and private label businesses.
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