ConAgra had set a deadline for 5 p.m. on Monday for Ralcorp to sit down at the negotiating table. Prior to Monday, Ralcorp had rejected ConAgra's advances three times.
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A ConAgra spokeswoman told The Wall Street Journal the company was "disappointed" in Ralcorp's response, but said it would look for other "growth opportunities."Shares of ConAgra, which makes Hunt's ketchup and Chef Boyardee, fell 2% to $23.46 on Monday.Ralcorp shares were down 2% to $74.67.Ralcorp has touted its plan to spin off its Post Cereals unit as one that offered superior value to shareholders.-- Written by Joseph Woelfel>To submit a news tip, send an email to: tips@thestreet.com.
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