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Prospect News home > News index > List of issuers C > Headlines for ConAgra Foods, Inc. > News item |
Fitch keeps Ralcorp on watch
Fitch Ratings said it will keep Ralcorp Holdings, Inc.'s BBB- issuer default rating on Rating Watch negative, reflecting event risk related to Ralcorp's planned debt reduction associated with the tax-free spinoff of Post Foods.
The ratings were placed on watch May 5, following ConAgra Foods, Inc.'s unsolicited cash proposal to acquire Ralcorp for $7.4 billion, including the assumption of $2.5 billion of debt.
On Sept. 19, ConAgra withdrew its $94 per share all-cash proposal to acquire Ralcorp after Ralcorp's board of directors unanimously reiterated its rejection of the proposal and decided not to enter into negotiations with ConAgra, according to the agency.
For the 12 months ended June 30, Ralcorp's consolidated total debt to operating EBITDA was 3.2x.
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