Jul 18, 2018

Premier Foods boss survives investor revolt

Premier Foods boss has survived a bid to oust him at the company's annual meeting after 41% of shareholders voted against his re-election. The Premier boss has been under fire since the firm rejected a takeover bid from US company McCormick two years ago 2016. The company then announced a deal with Japan's Nissin Foods, which took a seat on Premier's board and is now its largest shareholder with a 23% stake. In a trading update on Wednesday, Premier Foods said the 1.7% rise in first quarter sales and a 4.5% increase over the past six months proved the company was on the right track. In May, Premier posted a 74% rise in pre-tax profits to £20.9m. Shares fell 4% in afternoon trading in London to just under 45p, valuing the company at £378m. The stock was above 70p a share in April 2014 and McCormick offered 65p a share after raising its bid for the third time in March 2016.

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