date:Sep 28, 2012
US-based food manufacturer Ralcorp has agreed to divest its remaining 20% stake in cereal producer Post to settle $200m of outstanding debt, as a part of a credit agreement.
The 20% stake represents 6.8 million shares of the common stock of Post, which was spun-off from Ralcorp in February 2012.
In addition, Post agreed to repurchase 5% of its shares from Ralcorp - about 1.75 million shares at $30.50 each, for a total purchase price of $53.4m.
Ralcorp president and CEO Kevin Hunt said that th