Conagra CEO: There are Other Fish in the Sea

CEO Gary Rodkin of ConAgra (NYSE:CAG) says the company will start to look for other deals after Post cereal maker Ralcorp (NYSE:RAH) rejected their deal valued at $5.2 billion.

“We are ready and willing to leverage our capabilities and balance sheet for the right growth opportunities. This is a core strategic element of creating long-term value for ConAgra Foods. We remain committed to growth organically, and through smart acquisitions,” Rodkin said.

Since March, Ralcorp (NYSE:RAH) has rejected multiple bids from ConAgra (NYSE:CAG), with $94 per share being the highest. Ralcorp still plans to spin off its Post Foods cereal business after failing to find a buyer for it.  Ralcorp acquired Post Cereals in 2008, but the spin off could come within the next few months.

Ralcorp produces a variety of store brand foods that are sold under the individual labels of various grocery, mass merchandise, and drug store retailers.  Their products include everything from Post Raisin Brand to NutCracker Mixed Nuts. Competitors include: General Mills (NYSE:GIS), Kraft (NYSE:KFT), and Kellogg (NYSE:K).

ConAgra’s stock (NYSE:CAG) is down 1.80% to $22.99 on the news. Shares are up 1.9% year to date. The stock has traded in a 52-week range between $21.02 and $26.60.