U. S. spice and herb company McCormick and Co. Inc. has walked away from making an offer for British food manufacturer Premier Foods PLC.
The Maryland-based company said Wednesday that, having completed due diligence on Premier Foods, it wouldn’t be able to propose an offer price recommended by Premier Foods and deliver appropriate returns for McCormick shareholders.
The British company, owner of the Mr. Kipling cake and OXO stock cube brands, on March 30 rejected McCormick’s latest offer proposal, worth 65 pence a share, or around 537 million pounds ($763 million) in total, saying it undervalued Premier.
In a separate statement on Wednesday, Premier Foods said it sees a strong future as an independent company and believes that the foundations have been laid for significant growth and shareholder value creation.
By Tapan Panchal
Source: Wall Street Journal
Cécile Béliot has assumed the role of Bel Group chief executive officer, following the decision to separate the roles of chairman and CEO. The separation of the functions will enable Bel Group to develop in three areas of healthy snacking. Meanwhile, the company’s former CEO, Antoine Fiévet, has had his mandate renewed as chairman of the board.
US Food and Drug Administration (FDA) Commissioner Dr. Robert Califf was grilled by lawmakers during a House Appropriations subcommittee hearing, where he was slammed over the agency’s handling of the escalating infant formula shortage.
Sweegen is ramping up its efforts to reduce sugar across F&B applications while simultaneously tapping into the benefits of using antioxidants and bitter blocking technology. Speaking to FoodIngredientsFirst, Casey McCormick, vice president of global innovation at Sweegen, says product developers can find a broad range of solutions in Sweegen’s nature-based sweetener systems as brands elevate better-for-you foods.