British company Premier Foods, which makes Mr Kipling cakes, has rejected a takeover bid by US flavouring firm McCormick.
“McCormick is, however, willing to consider increasing its latest offer if justified following its confirmatory due diligence . . . McCormick believes that it would be an outstanding custodian for the Premier Foods brands, and . . . can provide benefits for Premier Foods, its pensioners, creditors and other stakeholders, which Premier Foods’ current capital structure cannot deliver.”
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