Premier Foods: in constructive talks with McCormick

London / UK. (pf) The Board of British Premier Foods PLC is providing an update following its announcement last week regarding the revised proposed offer by McCormick + Company Inc. for the Company at an indicative price of 65 Pence in cash per Premier share.

Over the next few days, Premier is scheduled to meet its main institutional investors to provide them with further insight into the business, including the value creation potential of the Company’s new strategic initiatives, and to engage with them more generally. A copy of the presentation that will be used in these meetings has been posted to Premier Foods’ corporate website here.

Premier’s senior management has made detailed presentations to McCormick’s senior team regarding Premier’s business and, in particular, the value creation potential of the new strategic initiatives outlined in Premier’s announcement of 23 March. Premier and its advisers have also had detailed discussions with McCormick and its advisers regarding Premier’s pension plans.

The discussions between McCormick, Premier and their respective advisers have been constructive. In accordance with Note 3 to Rule 2.5 of the Takeover Code, this announcement is being made by Premier without the prior agreement or approval of McCormick. There can be no certainty that any offer will be made nor the terms on which any such offer might be made.

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• Premier Foods about possible offer by McCormick (see b:eu on 2016/03/31)
• Nissin Foods Acquires 17.3% of Premier Foods Shares (see b:eu on 2016/03/26)
• McCormick on its Possible Offer for Premier Foods (see b:eu on 2016/03/26)
• Premier Foods rejects approach from McCormick and announces co-operation agreement with Japan’s Nissin Foods (see b:eu on 2016/03/24)