The deal values Pinnacle at $68 (£51) a share

Conagra Brands Inc. agreed to buy Pinnacle Foods Inc. for about $8.1 billion in cash and stock, gaining freezer-aisle brands such as Birds Eye to capitalize on growing demand for frozen foods.

The move by Conagra, which owns brands including Healthy Choice and Marie Callender’s frozen meals, to buy Pinnacle Foods in the year's largest global food M&A deal gives renewed hope to both the frozen food aisle and the major packaged foods companies upended by upstart brands.