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."

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"Not enough": Protesters react to no murder charges in Breonna Taylor case

A grand jury on Wednesday indicted Brett Hankison, one of the Louisville police officers who entered Breonna Taylor's home in March, on three counts of wanton endangerment for firing shots blindly into neighboring apartments.

Details: Angering protesters, the grand jury did not indict any of the three officers involved in the botched drug raid on homicide or manslaughter charges related to the death of Taylor.

Two officers shot in Louisville amid Breonna Taylor protests

Police officers stand guard during a protest in Louisville, Kentucky. Photo: Ben Hendren/Anadolu Agency via Getty Images

Louisville Metro Police Department said two officers were shot downtown in the Kentucky city late Wednesday, just hours after a grand jury announced an indictment in the Breonna Taylor case.

Details: A police spokesperson told a press briefing a suspect was in custody and that the injuries of both officers were not life-threatening. One officer was "alert and stable" and the other was undergoing surgery, he said.

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