ConAgra Brands (NYSE: CAG) is said to have approached Pinnacle Foods (NYSE: PF) in an effort to by the company according to Reuters (LINK)

"Reddi-wip whipped cream owner Conagra Brands Inc (CAG.N) has approached Pinnacle Foods Inc (PF.N), the maker of packaged foods such as Vlasic pickles, to express interest in an acquisition, people familiar with the matter said on Wednesday."

Credit Suisse analyst Robert Moskow said the news does not come as much of a surprise and he thinks Conagra would be willing to pay a hefty premium to get a deal done. "We think Conagra would have to pay at least $72/share (a premium of 20%)," Moskow said.