Japanese instant noodle maker Nissin Foods has agreed to buy a 17.27 percent stake in Premier Foods from an existing shareholder, the British company said on Thursday.
The announcement comes a day after Premier said it had rejected two takeover approaches from U.S. spices maker McCormick. McCormick has until April 20 to make a firm offer.
Premier and Nissin are seeking to finalize the terms of a relationship agreement that is conditional on Premier no longer being in an offer period.
By Martinne Geller in London
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