Premier: McCormick walks away

14 Apr 2016

McCormick has announced that it does not intend to make an offer for Premier Foods. Premier Foods shares fell 30% on the news.

Premier: McCormick walks away

McCormick has announced that it does not intend to make an offer for Premier Foods. Premier Foods shares fell 30% on the news.

The company said it 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 says that it has, after careful consideration, concluded that it would not be able to propose a price – its most recent offer was £0.65 per share - 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 Accordingly, McCormick has withdrawn its proposal to acquire Premier Foods.

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