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Moody's affirms ConAgra
Moody's Investors Service said it confirmed the Baa2 senior unsecured rating and Prime-2 short-term rating of ConAgra Foods, Inc. after the company withdrew its proposal to purchase Ralcorp Holdings, Inc. for $94 per share.
The outlook is stable.
Moody's said that this concludes the ratings review for possible downgrade that began on May 4, the day ConAgra publicly announced an $86 per share all cash proposal to buy Ralcorp. That proposal was rejected by Ralcorp, as was a subsequent sweetened proposal, which was withdrawn on Sept. 19.
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