Ralcorp (RAH) Tells ConAgra (CAG) No Marriage

ConAgra Foods (NYSE:CAG) evidently is showing they want Ralcorp (NYSE:RAH) very badly, as for the second time within a couple of months they made a bid for the leading producer of private label foods, and for the second time were rejected.

ConAgra had offered $83 a share for the company in March, and today offered $86 a share.

Ralcorp (RAH) has grown pretty quickly, and now stands at a little under half the market cap of ConAgra. If ConAgra does want them before they become too big to digest, they will probably have to bring in offer in the $90 range or more to secure a deal.

Competitors Kraft (NYSE:KFT), General Mills (NYSE:GIS), and Kellogg (NYSE:K) were trading mixed today.

Ralcorp was trading at $89.53, gaining $2.14, or 2.45 percent, as of 10:44 AM EDT.