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McCormick & Company willing to give $2.2 billion for Premier Foods

Staff writer ▼ | March 30, 2016
McCormick & Company is raising its offer for the U.K.’s Premier Foods to 65 pence a share.
Acquisition   65 pence per Premier Foods share
The offer values the company that bought Cadbury’s snack business and owns other traditional U.K. brands such as Mr Kipling’s cakes at 1.5 billion pounds ($2.2 billion), including debt.

It comes a week after Premier spurned McCormick’s first two offers in favor of a looser cooperation agreement with Japanese snack-maker Nissin Foods Holdings.

Nissin subsequently cemented its part of the deal by agreeing to buy a 17.27% stake in the company from private equity house Warburg Pincus.

Private shareholders have voiced concerns that the board may have discriminated against McCormick in an effort to stay independent.