US food group Conagra Brands has agreed to buy peer Pinnacle Foods according to a report in the UK’s Financial Times newspaper.

The report, which could not be verified by just-food at the time of writing, quotes “people briefed about the transaction” saying Pinnacle and Conagra reached a definitive agreement last night (26 June). Fellow media outlet CNBC reported yesterday the two companies were in advanced talks to close a deal.

The Financial Times source suggested a deal could be completed today (27 June).

Last week, news agencies Bloomberg and Reuters both reported the US manufacturers had restarted talks over a possible transaction. 

The companies, home to brands like Orville Redenbacher’s popcorn and Gardein vegetarian foods, were reported last summer to have been in talks over a deal, although those discussions were said to have broken down over price.

The businesses are major players in the US frozen-food category, with Conagra’s stable including Banquet ready meals and Pinnacle’s portfolio housing Birds Eye.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In April, activist investor Jana Partners acquired just over 9% of Pinnacle and said it would hold talks with the company’s board on “value-creation measures”, which for the fund included “evaluating alternatives to realise [Pinnacle’s] strategic value, including a sale or other consolidation opportunities potentially available to the [company] as a result of its scale position in the frozen foods sector”.