Packaged food company Conagra Brands Inc. priced its underwritten public offering of 16,312,057 common shares at $35.25 apiece.

The company has given underwriters an option to buy up to an additional 1,631,206 common shares. JANA Partners LLC is purchasing 5,673,759 shares in the offering.

Conagra expects net proceeds of $556 million, or about $612 million if the underwriters exercise their option to purchase additional shares in full. The company plans to use the net proceeds to finance the acquisition of Pinnacle Foods Inc. as well as to pay expenses related to the Pinnacle transaction.

The proceeds will also be used to repay borrowings under company's existing term loan facility and commercial paper program.

The offering is expected to close Oct. 12, subject to customary closing conditions.