Shares in Mr Kipling owner up nearly 50% after bids rejected

Unsolicited bids for Premier Foods from US food group McCormick, known for dried spices and cooking sauces

Shares in the owner of food brands including Mr Kipling, Batchelors and Ambrosia have leapt nearly 50% after it rebuffed a takeover approach from US food group McCormick and struck a co-operation agreement with Japan’s Nissin Foods.

Premier Foods’ share price jumped 48% to 46.75p after the British company said it had received and rejected two unsolicited bids from McCormick, known for dried spices and cooking sauces. The US company offered to pay 52p a share in cash on 12 February, which was promptly rejected as too low.

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from Mergers and acquisitions | The Guardian http://ift.tt/1WHK7dt