Mar 1, 2017
Premier Foods gives activist investor a board seat
Premier Foods has invited Oasis Management into the boardroom, despite the Hong Kong-based activist hedge fund owning less than the customary 10 per cent of stock that is usual for a board seat. Oasis has built its stake to 8.3 per cent after disclosing in July last year that it held 3 per cent, just months after the maker of Mr Kipling cakes and Bisto gravy dismissed a 65p a share approach from McCormick, the US spice maker, as "Inadequate". Premier said on Wednesday that Daniel Wosner, managing director of Oasis, had been appointed a non-executive director with immediate effect. The activist hedge fund has agreed to acquire 10 per cent of the UK group's shares by the end of June 2018 and to be bound by a minimum stake of 7 per cent and a maximum of 15 per cent. Oasis has become Premier's second-largest investor after Japan's Nissin, which holds just under 20 per cent and must maintain a 15 per cent stake to keep its board seat.
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