"The board sees a strong future for an independent Premier Foods, and believes that the foundations have been laid for significant growth and shareholder value creation," Premier Foods said.

McCormick & Co. said it would not be able to propose a price that the company would agree on, while delivering appropriate returns for its own shareholders.

McCormick & Company in March raised its offer for the U.K.’s Premier Foods to 65 pence a share.

The offer valued 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.

Shares in Premier Foods crashed by 30% in early trade after McCormick walked away. ■