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Premier Foods in 'relationship agreement' with Japan's Nissin

Published 22/04/2016

Premier Foods turned down offers from US company McCormick
Premier Foods turned down offers from US company McCormick

Mr Kipling and Bisto owner Premier Foods has entered into a "relationship agreement" with Japanese noodle maker Nissin, just weeks after rejecting a takeover by US giant McCormick.

The firm said Nissin will have the right to appoint a non-executive director because its shareholding is above 15%.

McCormick made three attempts to buy Premier, with the last offer valuing the company at £1.5 billion.

Shareholders including Standard Life had urged Premier's board to consider McCormick's offer, but the US firm eventually walked away last week, resulting in Premier's shares dropping 30%.

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