Post Holdings Acquires Idaho Potato Products; Lamb Weston Shares Drop 5%

Investing.com -- Shares of Lamb Weston (NYSE: LW) fell by 5% after consumer packaged goods holding company Post Holdings (NYSE: POST) announced its agreement to acquire Potato Products of Idaho. Last week, Reuters reported that Post Holdings was working with bankers on a potential deal with Lamb Weston, which is a frozen potato products manufacturer under pressure from an activist investor to sell itself. However, today Post Holdings announced its acquisition of Potato Products of Idaho, a producer and packager of refrigerated and frozen potato products. The financial details of the acquisition were not disclosed.