Pinnacle Foods jumped amid fresh speculation that Conagra or some other bidder is interested in an acquisition of the company.
“We cannot comment on market speculation,” said a Pinnacle spokesperson.
Pinnacle stock was up more than 3.4 percent at $61.20 per share. Conagra Brands was also higher, up 1.3 percent.
Sources had told CNBC in June that the two companies spoke about a possible combination in May, but had no plans to revisit their talks.
Conagra, which makes Reddi-wip, and Pinnacle, which owns Duncan Hines, could not agree on a price, the sources said.
Margins in the packaged-food industry have been under pressure, from supermarket pricing as well as big-box stores, like discounter Wal-Mart.
Jon Najarian, a trader on CNBC’s “Halftime Report,” said Wednesday speculation was again circulating about renewed takeover interest for Pinnacle in the options market.
Conagra declined to comment.
Source: Investment Cnbc
Pinnacle Foods shares rise on takeover speculation