ConAgra Foods announced its acquisition of Ralcorp Holdings for $4.95 billion in cash in a deal that was approved unanimously by each company’s board of directors. The $90 per-share price represents a 28.2 percent premium over the closing price of Ralcorp stock on November 26. The move will create the largest North American private label packaged foods company with sales of $4.5 billion annually, and one of the largest North American packaged food companies with sales around $18 billion annually. The acquisition should bolster ConAgra’s Recipe for Growth strategy, which focuses on building revenue in the high-growth private label arena.