Takeovers Prove Toxic for Arbs as Higher Bids Vanish

Takeovers Prove Toxic for Arbs as Higher Bids Vanish

Daniel Acker/Bloomberg

Various ConAgra Foods Inc. products are displayed for a photograph. ConAgra, maker of Chef Boyardee and Slim Jim, boosted its offer for Ralcorp to $86 a share in cash in May after saying Ralcorp rejected a proposal for $82 in cash and stock.