Food maker Ralcorp Holdings Inc. hasn’t contacted ConAgra Foods Inc. about its $5.18 billion takeover bid and likely won’t before the offer expires Monday, said two people familiar with the matter.
ConAgra said Sept. 13 it would withdraw its $94-a-share offer for Ralcorp by 5 p.m. New York time on Monday if the company doesn’t enter into negotiations, ending a pursuit that began in March.
Ralcorp hasn’t responded to calls since Sept. 13 and isn’t going to enter talks with ConAgra, said the people, who asked not to be named because the matter is private.
James Golden, a spokesman for Ralcorp, declined to comment. Teresa Paulsen, a ConAgra spokeswoman, couldn’t be reached outside business hours.
Ralcorp, the St. Louis-based maker of Post cereals, in August rejected ConAgra’s third offer, valued at $94 a share, after earlier spurning bids of $86 and $82 a share. Ralcorp has said it plans to spin off its Post Foods unit to focus on making private-label goods.
Purchasing Ralcorp would have allowed Omaha, Nebraska-based ConAgra to boost sales of store-brand foods, a market that has grown as some shoppers trade down. Ralcorp, which split from Ralston Purina Co. almost 20 years ago, generated about $3 billion in sales last year from selling cereals, cookies and pasta under retailers’ own brands.
ConAgra gained 30 cents to $23.93 Sept. 16 in New York Stock Exchange composite trading. Ralcorp fell $3.14 to $76.19.
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