Ralcorp Holdings has certainly had a busy summer. After spurning a takeover bid from ConAgra Foods, the company agreed to purchase Sara Lee's North American refrigerated dough business for $545 million in a deal that is expected to be accretive to earnings.
Then, it named Ralcorp Chairman William Stiritz Chairman of its Post Holdings division, and Robert Vitale was named CFO. Post Holdings, which encompasses Ralcorp's cereal business, is expected to be spun-off.
Finally, Ralcorp announced that it plans to expand its headquarters at Bank of America Plaza. The company is seeking $20 million in tax credits that will enable it to add 100 employees to its current headcount of approximately 400. Ralcorp currently occupies more than five floors in the Class A building where space leases for $22/psf. Retaining Ralcorp is a big victory for downtown.