CHICAGO — Another condition needed to complete Conagra Brands Inc.’s acquisition of Pinnacle Foods Inc. has been met. The two companies on Aug. 23 reported the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired. The transaction is expected to close by the end of the calendar year. Stockholders of Pinnacle Foods still need to approve the deal. Under the acquisition, first announced in June, Conagra Foods would acquire all outstanding shares of Pinnacle Foods for about $10.9 billion, including Pinnacle’s outstanding net debt.
Pinnacle shareholders would receive $43.11 per share in cash and 0.6494 shares of Conagra Brands’ common stock for each share of Pinnacle Foods held. On a pro forma basis, Pinnacle Foods’ shareholders are expected to own about 16 percent of the combined company.