Through the acquisition, Conagra Brands adds a number of well-known brands to its portfolio, including Birds Eye, Duncan Hines, Earth Balance and Vlasic, as well as emerging brands, such as Gardein, Glutino, Udi’s, Wish-Bone and Evol, among others.
At a meeting held on Oct. 23, Pinnacle Foods shareholders voted to approve the acquisition pursuant to the terms and conditions of the agreement and plan of merger.
In June of this year, the board of directors of Conagra Brands and Pinnacle Foods unanimously approved a definitive agreement under which Conagra Brands will acquire Pinnacle Foods in a cash and stock transaction valued at approximately $10.9 billion.
“Expanding Conagra Brands’ portfolio through the acquisition of Pinnacle Foods creates a tremendous opportunity to drive profitable growth and shareholder value by further leveraging our proven approach to innovation, brand-building, operational excellence and deep customer relationships,” said Sean Connolly, president and CEO of Conagra Brands. “We are excited to combine the Pinnacle and Conagra Brands portfolios in the attractive frozen meals and snacks and sweet treats categories. The complementary brands, operations and results-oriented cultures will help facilitate an effective integration and the continued transformation of Conagra Brands.”