Activist investor Corvex Management is urging Ralcorp Holdings to either sell itself, buy another company, or change its strategy nearly a year after the food company rejected a takeover offer from ConAgra Foods Inc.
Shares of Ralcorp, which manufactures private label — or store brand — foods, rose 2.1 percent on Thursday, following a securities filing in which Corvex also said it had a stock and options position in Ralcorp tantamount to 5.13 percent of the company.
Founded by Keith Meister, one of activist investor Carl Icahn's disciples, Corvex said in the filing with the U.S. Securities and Exchange Commission that the "status quo is unacceptable" and that Ralcorp should "immediately" pursue alternatives including: a sale of the company, a merger, or a "self-help strategy with new investor board representation and a renewed focus on execution, accretive acquisitions and efficient capital allocation."
To read the rest of the story, please go to: Reuters
