Premier Foods notes no offer statement by McCormick; considers enhancing longer-term prospects by agreement signed with Nissin Foods
The Board of Premier Foods plc ("Premier Foods" or the "Company") notes the announcement by McCormick & Company, Inc ("McCormick") 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 Co., Ltd. which will expand Premier Foods' range of growth opportunities