Good news for investors in Mr Kipling Firm Premier Foods
Mr Kipling cakes firm Premier Foods revealed it has snubbed a takeover approach from an American suitor and announced a tie-up with noodle-giant Nissin Foods.
Premier shares soared more than 47% when it revealed it had turned down an approach by US food group McCormick & Company because it "significantly" undervalued its future growth.
But the firm - which also owns brands including Oxo and Bisto - said it was joining forces with noodle-maker Nissin Foods in a "co-operation agreement" to bolster growth overseas and develop new products.
David Beever, chairman of Premier Foods, said McCormick's bid attempted to capture the value in the business "that rightfully belongs to Premier's shareholders".
He added: "The proposal fails to recognise the value of Premier's performance to date and prospects for the future, including the strategic plans we have to accelerate growth."
