Investors Sue Ralcorp Over Rejected $5.2B ConAgra Deal

Law360, New York (September 20, 2011, 7:49 PM EDT) -- Ralcorp Holdings Inc. was hit Tuesday with a putative shareholder class action in Missouri federal court, one day after rival ConAgra Foods Inc. withdrew a rejected $5.2 billion bid for the food company.

For months, ConAgra has tried unsuccessfully to take hold of the company, with Ralcorp’s board of directors repeatedly refusing to enter into discussions with ConAgra, though the offer was well above the company’s market price, according to the complaint.

ConAgra withdrew its fourth and final bid after Ralcorp failed to meet a Sept....
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