ConAgra seen as likeliest buyer of Pinnacle Foods

|About: ConAgra Brands, Inc. (CAG)|By:, SA News Editor

Stephens thinks Pinnacle Foods (NYSE:PF) could be worth as much as $85 in a takeover scenario.

The package foods company was already considered a M&A target before activist firm Jana Partners jumped in yesterday with a 9.5% stake. It was about a year ago that Jana took a stake in Whole Foods in front of that company's acquisition by Amazon.

RBC Capital Markets call ConAgra Brands (NYSE:CAG) the most likely buyer of Pinnacle.

Shares of Pinnacle are up 8.15% premarket to $59.70. The 52-week high is $66.67. ConAgra is up 1.0%.

Subscribe for full text news in your inbox