ConAgra Foods production facility is seen in Oakdale, California, December 18, 2015. REUTERS/Fred Greaves/File Photo
The company that owns such iconic brands such as Birds Eye and Duncan Hines is joining a family of names featuring Hunts and Healthy choice.
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Pinnacle foods is being bought by Conagra for $8.1 billion dollars in cash and stock.
Including debt, the deal is worth $10.9 billion.
The deal creates a leader in frozen foods with an expanded presence in snacks.
Pinnacle shareholders will get $43.11 per share in cash plus 0.6494 shares of Conagra common stock for each Pinnacle share.
Conagra says it will maintain its quarterly dividend at the current annual rate of $0.85 per share.
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The transaction is expected to close by the end of 2018.
