CHICAGO, March 5, 2018 /PRNewswire/ -- Conagra
Brands, Inc. (NYSE: CAG) today issued the following response to the
decision by the Federal Trade Commission (FTC) to challenge the
pending sale of the Wesson oil business to The J.M. Smucker
Company:
"Today, the Federal Trade Commission announced that it will
challenge our pending sale of the Wesson oil business to The J.M.
Smucker Company. After working diligently for the last eight months
to respond to the FTC's inquiries about the transaction, we are
very disappointed by and disagree with the Commission's decision.
We are working with The J.M. Smucker Company to review all of our
options."
In May 2017, Conagra Brands
announced the definitive agreement with the J.M. Smucker Company to
divest the Wesson oil business.
About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG),
headquartered in Chicago, is one
of North America's leading branded
food companies. Guided by an entrepreneurial spirit, Conagra Brands
combines a rich heritage of making great food with a sharpened
focus on innovation. The company's portfolio is evolving to satisfy
people's changing food preferences. Conagra's iconic brands, such
as Marie Callender's®, Reddi-wip®,
Hunt's®, Healthy Choice®, Slim Jim® and Orville Redenbacher's®, as well as emerging
brands, including Alexia®, Blake's®, Frontera®, Duke's® and
Angie's® BOOMCHICKAPOP®, offer choices for every occasion. For more
information, visit www.conagrabrands.com.
Note on Forward-looking Statements
This press release
contains forward-looking statements within the meaning of the
federal securities laws. These forward-looking statements are based
on management's current expectations and are subject to uncertainty
and changes in circumstances. These forward-looking statements
include, among others, statements regarding the completion of the
proposed divestiture of the Wesson oil business. We undertake no
responsibility for updating these statements, except as required by
law. Readers of this press release should understand that these
statements are not guarantees of performance or results. There is
no assurance that the potential transaction will be consummated,
and there are a number of risks and uncertainties that could cause
actual results to differ materially from the forward-looking
statements made herein. These risks and uncertainties include: the
timing to complete a potential divestiture of certain assets
related to the Wesson oil business; the ability and timing to
obtain required regulatory approvals and satisfy other closing
conditions for the transaction; Conagra Brands' ability to achieve
the intended benefits of acquisitions and divestitures, including
the transaction described in this press release; and other risks
described in the reports filed by Conagra Brands from time to time
with the Securities and Exchange Commission. We caution readers not
to place undue reliance on any forward-looking statements included
in this press release, which speak only as of the date of this
press release.
For more information, please contact:
MEDIA:
Kristine Mulford
312-549-5522
Kristine.mulford@conagra.com
INVESTORS:
Brian
Kearney
312-549-5002
ir@conagra.com
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SOURCE Conagra Brands, Inc.