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Conagra Brands on Wednesday said it has agreed to buy Pinnacle Foods (NYSE: PF), whose brands include Bird's Eye and Vlasic, for around $8.2 billion in cash and stock (not including assumed debt).

Why it's a big deal: Because it's reflective of how legacy food companies are hoping that increased size can help offset changing consumer tastes.

Terms: The deal works out to $68 per share, a 23% premium to where Pinnacle was trading before activist investor Jana Partners disclosed a 9.5% equity stake and began pushing for a sale. Pinnacle shareholders will receive $43.11 per share in cash and 0.65 shares of Conagra common stock, and would hold around a 16% stake in the combined company.

More from Bloomberg: "The pressure on packaged-food makers to get bigger has intensified in the aftermath of Whole Foods' sale last year to Amazon. Frozen food, however, is considered relatively resistant to Amazon’s push to get shoppers to buy more groceries online because they’re tricky to deliver."

Go deeper

Biden plans to ask public to wear masks for first 100 days in office

Joe Biden. Photo: Mark Makela/Gettu Images

President-elect Joe Biden and Vice President-elect Kamala Harris sat down with CNN on Thursday for their first joint interview since the election.

The big picture: In the hour-long segment, the twosome laid out plans for responding to the pandemic, jump-starting the economy and managing the transition of power, among other priorities.

The quick FCC fix that would get more students online

Illustration: Sarah Grillo/Axios

As the pandemic forces students out of school, broadband deployment programs aren't going to move fast enough to help families in immediate need of better internet access. But Democrats at the Federal Communications Commission say the incoming Biden administration could put a dent in that digital divide with one fast policy change.

State of play: An existing FCC program known as E-rate provides up to $4 billion for broadband at schools, but Republican FCC chairman Ajit Pai has resisted modifying the program during the pandemic to provide help connecting students at home.

Dion Rabouin, author of Markets
24 mins ago - Politics & Policy

America's hidden depression

Biden introduces his pick for Treasury secretary, Janet Yellen, on Dec. 1. Photo: Alex Wong/Getty Images

President-elect Biden faces a fragile recovery that could easily fall apart, as the economy remains in worse shape than most people think.

Why it matters: There is a recovery happening. But it's helping some people immensely and others not at all. And it's that second part that poses a massive risk to the Biden-Harris administration's chance of success.