Belfast Telegraph

American suitor could raise its offer for Mr Kipling owner Premier Foods

By Ben Woods

Mr Kipling owner Premier Foods is poised for a fresh takeover bid from an American suitor after snubbing its previous two offers.

American spice and herbs giant McCormick & Company indicated it would be willing to increase its bid for the firm as it urged Premier's board to discuss its approach with shareholders.

Premier rejected McCormick's first offer of 52p in cash per share, and a second at 60p in cash per share because they "significantly" undervalued future growth.

The latest twist in the takeover saga comes after Premier Foods revealed noodle giant Nissin Foods had bought a 17.27% stake in the business at 63p per share.

Premier announced on Wednesday that it was joining forces with Nissin in a "co-operation agreement" to bolster growth overseas and develop new products.

Nissin Foods trades across 19 countries and has revenues of $3.8bn (£2.6bn).

Belfast Telegraph