OMAHA, Neb. (AP) -- ConAgra Foods Inc. is giving Ralcorp Holdings Inc. a week to start talking about its takeover proposal.

The ultimatum sent Ralcorp's shares down $7.64, or 9 percent, to $77.50 in aftermarket trading.

ConAgra, which owns brands like Chef Boyardee, Orville Redenbacher's and Healthy Choice, repeated its latest bid for $5.17 billion cash, or $94 per share. The Omaha company says Ralcorp, of St. Louis, has until 5 p.m. Monday to start discussions or it will walk away.

Ralcorp has rejected several bids from ConAgra since March, including turning down the $94-per-share offer last month.

A Ralcorp representative could not immediately be reached for comment. The company has said its plan to spin off its Post cereal business to focus on its private-label foods business will provide better value for shareholders.

Copyright 2011 The AP.

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