Premier Foods has officially entered into its previously-announced relationship agreement with Japanese instant noodle firm Nissin.
The Mr Kipling-maker had previously said the deal would allow Nissin to distribute its products in the UK, while making its own products more widely available in key overseas markets. It added there would also be opportunities for the sharing of intellectual property and manufacturing capabilities.
Today (22 April), Premier Foods said that Nissin would have the right to appoint a non-executive director to its board for as long as it held a 15% stake in the company. Nissin currently holds a 19.90% stake.
The news comes in the wake of US spice brand McCormick walking away from talks to buy Premier after examining its books. McCormick had previously made three bids for Premier, at 52p, 60p and 65p a share, all of which were rejected.
Premier said: “Further to our announcement dated 24 March 2016, Premier Foods plc and Nissin Foods Holdings Co, Ltd. have today entered into a relationship agreement on terms and conditions that are customary for a substantial shareholding of this nature.”