Conagra Brands, an American packaged foods company headquartered in Chicago, acquired Pinnacle Foods, a packaged foods company headquartered in Parsippany, New Jersey, in a cash-and-stock deal valued at about $8.1bn, $10.9bn including debt. Pinnacle shareholders received $43.11 per share in cash and 0.6494 shares of Conagra's common stock for each share of Pinnacle. "The acquisition of Pinnacle Foods is an exciting next step for Conagra Brands. After three years of transformative work to create a pure-play, branded food company, we are well-positioned to accelerate the next wave of change. The addition of Pinnacle Foods' leading brands in the attractive frozen foods and snacks categories will create a tremendous opportunity for us to further leverage our proven innovation approach, brand-building capabilities, and deep customer relationships. With greater scale across leading, iconic brands, an unwavering focus on driving profitable growth, and a strong balance sheet and cash flow, we are creating a tremendous platform to drive meaningful shareholder value." Sean Connolly, president and chief executive officer of Conagra Brands.