Stifel Nicolaus Downgrades Pinnacle Foods (PF) to Hold
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May 13, 2014 6:50 AM EDT
BMO Capital downgraded Pinnacle Foods (NYSE: PF) from Outperform to Market Perform with a price target of $36.00 (from $31.00).
For an analyst ratings summary and ratings history on Pinnacle Foods click here. For more ratings news on Pinnacle Foods click here.
Shares of Pinnacle Foods closed at $34.47 yesterday.
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May 12, 2014 6:32 AM EDT
Hillshire Brands (NYSE: HSH) and Pinnacle Foods Inc. (NYSE: PF) announced that they have entered into a definitive agreement under which Hillshire Brands will acquire all outstanding shares of Pinnacle Foods in a cash and stock transaction. Under the terms of the agreement, each share of Pinnacle Foods common stock will be exchanged for $18.00 in cash and 0.50 shares of Hillshire Brands common stock. The total enterprise value of the transaction is approximately $6.6 billion, including Pinnacle Foods outstanding net debt, which reflects an adjusted EBITDA multiple of 9.6x. The transaction brings... More
