BusinessWeek – Onetime Carl Icahn protégé Keith Meister, 39, engineered a quick sale of Ralcorp Holdings (RAH), which makes private-label foods for grocers. In August he bought 5 percent of Ralcorp, which walked away from a takeover bid by rival ConAgra Foods (CAG) the year before.
With Meister on the board, Ralcorp changed its mind and sold. When ConAgra completed its $5 billion acquisition in November, Chief Executive Officer Gary Rodkin said it made his company a leader in North American foods. Ralcorp CEO Kevin Hunt said the deal provided “compelling cash value to shareholders.” Meister’s Corvex Management turned a quick $90 million profit on its $189 million investment, a 48 percent return in a matter of months.
