Premier Foods has revealed it has had “detailed” and “constructive” discussions with takeover suitor McCormick.
In a statement, the Mr Kipling producer said its senior management team had made presentations to the US spice brand’s senior management regarding Premier’s business and the value creation potential of its new strategic initiatives, outlined on 23 March.
The talks come in the wake of Premier rejecting a third offer from McCormick, which valued the company at an enterprise value of £1.5bn. At the time, Premier said the offer “continues to undervalue” the company and its prospects.
Premier added that it was scheduled to meet with its main investors over the next few days, “to provide them with further insight into the business, including the value creation potential of the company’s new strategic initiatives, and to engage with them more generally”.