OMAHA, Nebraska (AP) ? ConAgra Foods Inc. has withdrawn its $5.17 billion offer to acquire Ralcorp Holdings Inc., ending its aggressive pursuit of the company that makes private-label foods and Post cereal.
The Omaha, Nebraska-based maker of Chef Boyardee, Healthy Choice and other food brands has made several failed bids for Ralcorp since March. Last week, it set a Monday deadline for Ralcorp to start discussions or it would walk away.
Ralcorp on Monday rejected the latest $94 per share bid, which ConAgra made for the first time last month.
ConAgra wanted to expand its product offerings with the acquisition of St. Louis-based Ralcorp. Ralcorp says it wants to stick to its plan to spin off its Post cereal business, so it can focus solely on its private-label foods business to benefit shareholders.
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