Premier Foods says Japan's Nissin to take 17% stake
London
PREMIER Foods Plc, seeking to fend off an unsolicited takeover bid by US spice processor McCormick & Co, said on Thursday that Japanese instant noodle purveyor Nissin Foods Holding Co has agreed to buy a 17 per cent stake. Premier shares plunged.
Nissin will have the right to nominate one director to Premier's board, the UK company said in a statement. The maker of Top Ramen will purchase the stake from an existing shareholder, according to the statement.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Kraft Heinz misses sales estimates as higher prices deter customers
Marriott boosts full-year profit view after mixed Q1 results
J&J advances US$6.48 billion settlement of talc cancer lawsuits
US holds quarterly debt sale steady, starts buybacks this month
US dollar nears six-month high after pre-Fed data shock, yen steady
KFC parent Yum reports surprise drop in global same-store sales on weak demand