On May 3, ConAgra Foods announced an offer for Ralcorp Holdings in the amount of $4.9 billion. Ralcorp Holdings is a cereal maker, and ConAgra wants to expand into generic foods, which is why it is making the offer.
Representing ConAgra in the bid is Davis Polk & Wardwell. It is being advised by the global head of Davis Polk’s M&A practice, George “Gar” Bason, Jr. and Arthur Golden, corporate partner. Colleen Batcheler is ConAgra’s general counsel.
Davis Polk is close to ConAgra because of Steven Goldstone, current ConAgra chairman of the board, who was senior partner at Davis Polk from 1978 to 1995.
On the other side of this bid, Ralcorp is seeking counsel from Bryan Cave, and is being led by William Seabaugh, the head of global transactions for Bryan Cave. Ralcorp had a third party try and acquire it in March, and is making sure if acquisition by ConAgra is the best move for the company. Gregory Billhartz is Ralcorp’s general counsel.