London / UK. (pf) The Board of British Premier Foods PLC notes the announcement by McCormick + Company Inc. confirming that it does not intend to make an offer for the Company. Premier Foods and its advisers have engaged extensively with McCormick to provide it with the information requested. The Board appreciates the open and constructive spirit in which the engagement with McCormick was conducted.
The Board sees a strong future for an independent Premier Foods, and believes that the foundations have been laid for significant growth and shareholder value creation.
Premier Foods has a valuable portfolio of market leading brands, extensive distribution across key retail channels, a well-invested manufacturing base and strong operational cash flows. Additionally the Company plans to accelerate its growth by executing its recently announced new strategic initiatives to leverage the Company’s existing capabilities, infrastructure and brand equity so as to expand into new formats, channels and markets.
The Board also considers that the Company’s longer-term prospects will be enhanced by the Co-Operation Agreement it has signed with Nissin Foods Holdings Company Limited which will expand Premier Foods’ range of growth opportunities.
McCormick + Company announces that it does not intend to make an offer for Premier Foods PLC
Sparks / MD. (mcc / 04.13.) McCormick + Company Inc., a global leader in flavour, announces that it does not intend to make an offer for Premier Foods PLC. McCormick has completed its due diligence review of Premier Foods, which was conducted with the management of Premier Foods in an open and collaborative spirit. McCormick has, after careful consideration, concluded that it would not be able to propose a price that would be recommended by the Board of Premier Foods while also delivering appropriate returns for McCormick shareholders. Accordingly, McCormick has withdrawn its proposal to acquire Premier Foods.
Related News
- Premier Foods in constructive talks with McCormick (see b:eu on 2016/04/08)
- 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)
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