Someone's in the Kitchen With Ralcorp

Keith Meister was a former right-hand man of Carl Icahn, a billionaire who recently dedicated his hedge fund to managing only his money. Meister went on to found his own hedge fund, Corvex Capital, in 2011 (view Corvex's portfolio here). According to a recent 13F regulatory filing, Meister's firm has amassed a 5.15% stake in Ralcorp Holdings (RAH), a company specializing in a number of snack and food products. Corvex owns 2.84 million shares of Ralcorp, up from about 607,000 as of June 30.

In August, Meister called on Ralcorp to either sell itself or change its strategy. Ralcorp received an unsolicited takeover bid of $94 per share from ConAgra Foods (CAG) in September 2011. This was before Ralcorp announced the spinoff of Post Holdings (POST) in January, distributing an 80% stake to shareholders, while retaining 20% of the Post common stock (which it has announced it will sell). This 2:1 distribution (one share of Post for every two shares of Ralcorp) has yet to exceed the value of $94 per share that ConAgra offered....419 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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