Vince Martin • 17 Comments
Wed, Apr. 13, 3:36 AM
- McCormick & Co. (NYSE:MKC) has abandoned takeover talks with Premier Foods (OTCPK:PFODF), stating it would not be able to propose a price that the company would agree on, while delivering appropriate returns for its own shareholders.
- The board sees a "strong future" as an independent business, Premier said in response, maintaining its beliefs that foundations have been laid for significant growth and shareholder value creation.
- Premier Foods -28.5% in London.
Wed, Mar. 30, 5:05 AM
- McCormick (NYSE:MKC) has raised its offer for the U.K.'s Premier Foods (OTCPK:PFODF) to around £537 million ($773M), or £1.5B including shares and debt.
- Premier, whose brands include Mr. Kipling cakes and OXO stock cubes, rejected a previous 60 pence a share offer by stating it significantly undervalued its "growth prospects," but McCormick believes its revised bid should be well received by shareholders and the company's board.
- Premier Foods +7.4% in London.
Thu, Mar. 24, 2:36 PM
- McCormick (MKC +0.3%) says it would consider increasing its latest offer for Premier Foods (OTCPK:PRRFY) if such a move is justified following confirmatory due diligence, including material documentation of Premier's pension position.
- MKC says there has only been one face-to-face meeting, with Premier Foods chairman David Beever last month, but that Premier has conducted itself in a way that denies its shareholders an opportunity to consider its offer.
- Premier says MKC's offer of 60p undervalues the company.
Wed, Mar. 23, 8:49 AM
- Premier Foods (OTCPK:PRRFY) is up 62% in London action after McCormick (NYSE:MKC) made an unsolicited cash offer of about $670M for the company.
- Disclosing the news for the first time today, Premier says it's the second bid McCormick made for the company. The first was more than a month ago for 52p per share, and last week the company boosted that to 60p. Premier has rejected both.
- "McCormick's proposal represents an attempt to capture the upside value embedded in Premier's business that rightfully belongs to Premier's shareholders," says Chairman David Beever.
Mar. 25, 2013, 9:04 AM
Will Warren Buffett snack on another company this year to go along with the mega-sized purchase of Heinz with partner 3G Capital? SA contributor John McCoy thinks J.M. Smucker (SJM), W.W. Grainger (GWW), and McCormick (MKC) all fit the Buffett profile with their wide moat and strong brands. A longer shot for a Berkshire Hathaway play could be Tiffany (TIF), right-sized for acquisition in a luxury sector Buffett has dabbled with in the past.| Mar. 25, 2013, 9:04 AM | 4 Comments
Aug. 20, 2012, 8:21 AM
McCormick (MKC) snaps up Chinese spice firm Wuhan Asia-Pacific Condiments for ~$141M in a sale expected to close in the middle of 2013. The key to the acquisition is the ability to broaden the reach of bouillon products deep into China, according to the company.| Aug. 20, 2012, 8:21 AM