Ralcorp Holdings Rejects ConAgra Foods’ Merger Bid

Ralcorp Holdings, Inc. rejected a non-binding proposal from ConAgra Foods Inc. to combine the two companies at $94.00 per share in cash. The Ralcorp board of directors reviewed the proposal and unanimously determined that it is not in the best interests of

Ralcorp has a very strong track record of creating superior long term shareholder value. William P. Stiritz, chairman of Ralcorp’s board, said the board determined that the separation of Post Foods from Ralcorp will better allow each company to focus on strategies specific to their particular businesses, thereby unlocking additional significant value for our shareholders.