Business
Announcement re Nissin Foods Holdings
Announcement re Nissin Foods Holdings.
About this update from Premier Foods Plc
[{"type":"text","content":"\n \nRNS Number : 1534T Premier Foods plc 24 March 2016 \n\nANNOUNCEMENT REGARDING NISSIN FOODS HOLDINGS' ACQUISITION OF SHARES\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY (IN WHOLE OR IN PART), IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A TAKEOVER OFFER OR AN OFFER OF SECURITIES.\n \n24 March 2016\n \nFor immediate release\nPremier Foods plc\n \nNissin Foods Holdings Co., Ltd. agrees to acquire shareholding in Premier Foods plc\n \n· Nissin agrees to acquire 17.27 per cent. shareholding in Premier\n· The Board of Premier welcomes Nissin as a long-term shareholder\n· Premier and Nissin seeking to finalise the terms of a Relationship Agreement, conditional on completion by Nissin of the acquisition and Premier no longer being in an offer period \nThe Board of Premier Foods plc (\"Premier\") notes that Nissin Food Holdings Co., Ltd. (\"Nissin\") has unconditionally agreed to acquire a 17.27 per cent. shareholding in Premier from an existing shareholder. The Board of Premier welcomes Nissin as a long-term shareholder who understands and supports Premier's growth ambitions.\nDavid Beever, Chairman of Premier said:\n\"We welcome Nissin as a new long-term shareholder in our business. By gaining a strategic investor who understands and supports our growth ambitions, we have an exceptional opportunity to deliver shareholder value. Based on the conditional cooperation agreement we announced yesterday, we very much look forward to working with Nissin to develop ways our two businesses can co-operate to drive growth.\"\nRelationship Agreement and Board Representation\nAs previously announced, Premier and Nissin are seeking to finalise a formal Relationship Agreement on terms and conditions that are customary for a substantial shareholding of this nature, conditional upon: (i) completion of the share acquisition by Nissin; (ii) Premier no longer being subject to an offer period under the Takeover Code; and (iii) no third party having, by the date on which such offer period expires, announced that any offer for Premier has become or been declared unconditional as to acceptances or...