Think ConAgra would be smart to follow the lead of Procter & Gamble --which is eliminating 100 brands from its product arsenal. CAG has a huge number of product brands and variations --and it may be well to drop many of the ones with little or no profit potential and concentrate on building up the ones that do make good money.
In a perfect world you would sell the weak brands...but they have neglected them too long for anyone of sound mind to consider purchasing them. They still have Lachoy - a brand last relevant in the the 1970s. ACT II has been dying for years (along with the microwave popcorn category), so has Chef, Van Camps....too many to mention. They have too many weak 100million dollar brands in their "long tail" - if they cut them outright they wouldn't recover the topline or profit. The company is a lost cause if you ask me.
The way the mgmt. thinks at conagra they will probably buy some of P&G looser brands and try to reinvent the wheel. The 80s and 90s are gone so its time to fire the top mgmt. and get some young blood in there to bring it back for the shareholders.