Ralcorp, which decided to spin off its cereals unit in July as a wholly owned subsidiary, expects to complete the separation by year-end and plans to list it on the New York Stock Exchange.
The spin-off, which will create two pure-play companies, with Ralcorp focusing on cheaper non-branded foods and Post concentrating on branded cereals, came three years after Ralcorp bought Post Foods from Kraft Foods Inc.
Ralcorp had also rejected branded food giant ConAgra Foods Inc.'s unsolicited takeover bid thrice, after which the maker of Chef Boyardee pasta, Healthy Choice meals and Slim Jim meat snacks called off its efforts.
The company also said William Stiritz, who has been chairman of the Ralcorp board since 1994, will also serve as chairman of the Post Holdings board.
From the September 27, 2011, Prepared Foods' Daily News.