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McCormick Drops Plan to Buy Premier Foods

The company was going to spend more than $2B for the acquisition

McCormick Non Vtg (NYSE:MKC) will no longer be acquiring Premier Foods.

McCormickThe spices and herbs manufacturer had originally planned to buy the London-based food manufacturer for a reported 1.5 billion pounds ($2.1 billion). Premier Foods makes Mr Kipling cakes and other pastries.

McCormick revealed that the bid was withdrawn due to the fact that the company was unable to form a proposal that would appease both its shareholders and the Premier Foods board.

“Extremely disappointing that the board could not recommend an offer at a 106 percent premium to the pre-announcement price,” a spokesman for the fund told Reuters.

MKC stock is down 2.2% Wednesday.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/04/mccormick-premier-foods-mkc-stock/.

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