Business
Revised Possible Offer
Revised Possible Offer.
About this update from Premier Foods Plc
[{"type":"text","content":"\n \nRNS Number : 5728T Premier Foods plc 30 March 2016 \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.\n30 March 2016\nFor immediate release\nPremier Foods plc\nPossible offer by McCormick & Company, Inc.\n \nThe Board of Premier Foods plc (\"Premier\" or the \"Company\") notes the revised possible offer for the entire issued, and to be issued, ordinary share capital of the Company at an indicative price of 65 pence in cash per Premier share (the \"Revised Proposal\") from McCormick & Company, Inc. (\"McCormick\").\n\nThe Board believes that the Revised Proposal continues to undervalue Premier and its prospects, for the reasons set out in Premier's press release on 23rd March 2016. \n \nThe Board is, however, prepared for meetings to take place in order to discuss value drivers, a review of material pensions documentation, current trading and material contracts, and so to establish whether McCormick will increase its offer price to a recommendable level. It will also be important for McCormick to demonstrate to the Board that any revised proposal is deliverable.\n \nThe Board has informed McCormick that it will be expected to provide an improved proposal following these meetings. Generating shareholder value remains the Board's key focus.\nThere can be no certainty that any offer will be made nor the terms on which any such offer might be made. \nThis announcement is being made by Premier without the prior agreement or approval of McCormick.\n \nFor further information please contact:\n\nPremier Foods plc +44 1727 815 850\nRichard Johnson (Corporate Affairs Director)\nRichard Godden (Head of Investor R...