McCormick Ends Pursuit of Premier Foods
April 13 2016 - 3:20AM
Dow Jones News
LONDON—U. S. spice and herb company McCormick and Co. Inc. has
walked away from making an offer for British food manufacturer
Premier Foods PLC.
The Maryland-based company said Wednesday that, having completed
due diligence on Premier Foods, it wouldn't be able to propose an
offer price recommended by Premier Foods and deliver appropriate
returns for McCormick shareholders.
The British company, owner of the Mr. Kipling cake and OXO stock
cube brands, on March 30 rejected McCormick's latest offer
proposal, worth 65 pence a share, or around 537 million pounds
($763 million) in total, saying it undervalued Premier.
In a separate statement on Wednesday, Premier Foods said it sees
a strong future as an independent company and believes that the
foundations have been laid for significant growth and shareholder
value creation.
Write to Tapan Panchal at Tapan.Panchal@wsj.com
(END) Dow Jones Newswires
April 13, 2016 03:05 ET (07:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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