CONAGRA <CAG> TO ACQUIRE MONFORT <MMFT> ConAgra Inc agreed to acquire Monfort of Colorado Inc in a stock transaction, both companies said. According to the letter of intent signed by the companies, ConAgra will acquire all of Monfort's 4.3 mln outstanding shares for 10.75 mln of its own shares. Based on ConAgra's closing price of 34 dlrs today, the transaction is worth about 356.5 mln dlrs. The merger is expected to be completed in June, they said. The companies said the acquisition will result in a restatement of ConAgra's earnings for the fiscal year ending May 31, but the restatement is not expected to materially change the previously reported, or upcoming, fiscal year-end earnings. In fiscal 1986, ConAgra had net income of 105.3 mln dlrs on sales of 5.9 billion dlrs. For its fiscal year ending August 1986, Monfort reported 25.1 mln dlrs in earnings on sales of 1.6 billion dlrs. The company is one of the largest lamb and beef producers in the U.S., producing, transporting and selling the products domestically and internationally.