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Fly News Breaks for April 20, 2018
CAG, PF
Apr 20, 2018 | 08:24 EDT
Jana Partners is likely to push for sale of Pinnacle Foods (PF) or consolidation opportunities, Jefferies analyst Akshay Jagdale tells investors in a research note after the activist disclosed a stake. He believes Conagra Brands (CAG) is one of the natural buyers and that a potential combination with Pinnacle would be "significantly accretive." Jagdale assumes a purchase price of $72 per share for Pinnacle, which represents a 30% premium to the current price. The analyst keeps a Buy rating on the shares with a $67 price target.
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