Conagra buying frozen food giant Pinnacle for $8.2 billion

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.