Premier Foods CEO heave looks like M&A appetiser
10/07/2018 15:52
(The author is a Reuters Breakingviews columnist. The opinions
expressed are her own.)
By Carol Ryan
LONDON, July 10 (Reuters Breakingviews) - Activist Oasis has
upped its stake in the maker of OXO cubes to oust boss Gavin
Darby. Its plan to sell Batchelors soup could cut borrowing and
loosen top investor Nissin’s grip, making the rest a takeover
target. It’s a more appealing prospect than low growth and high
debt.
Full view will be published shortly.
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CONTEXT NEWS
- Oasis Management said on July 10 that it has increased its
stake in Premier Foods to 17.3 percent from 9.1 percent ahead of
the company’s annual shareholder meeting on July 18.
- Oasis and U.S. hedge fund Paulson & Co have called for the
removal of Chief Executive Gavin Darby.
- Premier Foods said that its largest shareholder Nissin,
which owns 19.6 percent of the company, will vote in favour of
Darby’s re-election.
- Premier Foods’ shares were up 6.4 percent to 44.7 pence by
1210 GMT on July 10.
- For previous columns by the author, Reuters customers can
click on RYAN/
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Activist investor Oasis doubles stake before Premier Foods
showdown urn:newsml:reuters.com:*:nL4N1U62J1
BREAKINGVIEWS-Premier Foods’ Japanese flavour has turned stale
urn:newsml:reuters.com:*:nL8N1TU1WA
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(Editing by Neil Unmack and Bob Cervi)
((carol.ryan@thomsonreuters.com; Reuters Messaging:
carol.ryan.thomsonreuters.com@reuters.net))