LONDON (dpa-AFX) - McCormick & Company, Inc. (MKC) noted the recent announcement by Premier Foods plc (PFD.L) and confirmed that it has approached the Board of Premier Foods regarding a possible all cash offer for Premier Foods of 60 pence per Premier Foods share.
On February 12, 2016, McCormick made a detailed proposal to acquire the entire issued share capital of Premier Foods for 52 pence per Premier Foods share. This proposal was rejected by the Board of Premier Foods.
On March 14, 2016, McCormick made a revised proposal for a possible all cash offer of 60 pence per Premier Foods share . The Revised Proposal was made on the basis that it would lead to prompt and full engagement from Premier Foods, including access to limited confirmatory due diligence, to agree to a transaction on a recommended basis. The Revised Proposal was rejected by Premier Foods yesterday, March 22, 2016.
As per the U.K rule, McCormick is required, by not later than 5.00 p.m. on April 20, 2016, to either announce a firm intention to make an offer for Premier Foods or announce that it does not intend to make an offer,. This deadline can be extended with the consent of the Panel.
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