NOT 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.
6 April 2016
For immediate release
Premier Foods plc
Premier Foods plc issues update ahead of shareholder discussions
The Board of Premier Foods plc ("Premier" or "the Company") is today providing an update following its announcement last week regarding the revised proposed offer by McCormick & Company, Inc. ("McCormick") for the Company at an indicative price of 65 pence in cash per Premier share.
Over the next few days, Premier is scheduled to meet its main institutional investors to provide them with further insight into the business, including the value creation potential of the Company's new strategic initiatives, and to engage with them more generally. A copy of the presentation that will be used in these meetings has been posted to our corporate website: www.premierfoods.co.uk
Premier's senior management has made detailed presentations to McCormick's senior team regarding Premier's business and, in particular, the value creation potential of the new strategic initiatives outlined in Premier's announcement of 23 March. Premier and its advisers have also had detailed discussions with McCormick and its advisers regarding Premier's pension plans.
The discussions between McCormick, Premier and their respective advisers have been constructive.
In accordance with Note 3 to Rule 2.5 of the Takeover Code, this announcement is being made by Premier without the prior agreement or approval of McCormick. There can be no certainty that any offer will be made nor the terms on which any such offer might be made.
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For further information please contact:
Premier Foods plc +44 1727 815 850
Richard Johnson (Corporate Affairs Director)
Richard Godden (Head of Investor Relations)
Maitland +44 207 379 5151
Neil Bennett
Kate O'Neill
Ondra Partners (Joint Lead and Financial Adviser to Premier) +44 207 082 8750
Robert Hingley
Jason Meers
Michael Tory
HSBC Bank plc (Joint Lead and Financial Adviser to Premier) +44 20 7991 8888
Charles Packshaw
Keith Welch
Alex Thomas
Jefferies International Limited +44 20 7029 8000
(Joint Co-Financial Adviser and Corporate Broker to Premier)
Paul Nicholls
David Watkins
Credit Suisse International +44 20 7888 8888
(Joint Co-Financial Adviser and Corporate Broker to Premier)
Stuart Field
Ben Deary
