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"McCormick announces that it is today making a further revised proposal to the Board of Premier Foods of 65 pence in cash per Premier Foods share (the "Revised Offer") on the basis of prompt and full engagement from Premier Foods. The Revised Offer is subject to the same limited confirmatory due diligence set out in McCormick's announcement of 24 March 2016, which comprises only: a review of material pensions documentation, current trading and material contracts. McCormick believes that its offer is highly deliverable due to its limited pre-conditions" Subequent to this they walked away having decided no reasonable offer was likely to satisfy the board,
wrong brag, McCormicks made an offer, Darby refused it. As I said, Darby walking the plank will have the desired effect on the SP, my avg is around current levels so not too fussed either way as at some stage this will be re rated or taken over. R
You're forgetting that McCormick's last and final offer was subject to inspecting the books, following which their enthusiasm waned. Can't see personally that much has happened since for them to put in a substantially increased offer, particularly a hostile one.
Mince pies are what Premier sell, whilst big porky pies are what Darby tells. 70p was not enough, it undervalued us was his guff. Nissins stake at 63, is down the swanee with you and me. So come back McCormick all is forgiven, as the promises he made were torn like a ribbon. The moral of the story is not to be hasty, when the CEO of the company says mmm Bisto Gravy! The End Hoping either this chancer walks the plank soon or McCormicks go hostile. I cant see even Nissins 20% being able to do much if a sensible bid were to land, I think 80p and everyone will sell just to move on. Heres hoping Rich
There's probably more life on Mars than there is in PF
Bloody long way to go work!
She moving to Mar's as a sales director.
I'll give her the benefit of the doubt, as she worked for darby, who has steered the company into the rocks time and time again.
the marketing director was not that good, so good news she has left, more money saved going forward. what had she done in the time at premier, absolutely nothing, but wasted a lot of money. She would have been shown the door as soon as darby is kicked out, hopefully very soon.
All the fat cats are getting their high salaries and free shares and have job security regardless of personal or company performance, with Nissin in the way...and now, PF's top marketer has left the company. It's not looking very positive at the moment...
It's about time we saw some good PR , when was the last time the company put out some good PR that hit the news? Have they gone into hibernation or what, maybe they think everyone just wants to buy their shares so why bother.
can they mark the 2nd anniversary of the Mc Cormick bid by being 50% below the offer or even lower than the ''speculative 52p bid''?
That's not as daft as some might think it sounds. You'd be opening up a huge new market with kids, especially with the right gory packaging. Just look at some of these energy drinks. The mark up on those is phenomenal.
Accepting just Nissin coin only, McCormick Coin not accepted as it is too straightforward and might give shareholders a chance to exit or make some profit. PFD is a Ponzi company and I am dying to get out as soon as possible. Another CLLN or P&H very soon.
How about Blockchain Foods? 1000% rally instantly!
Darby cant blame the weather in Iceland,or can he?
No that would suggest that they keep coming back up, haven't seen that yet !!!!!! and I wouldn't go that far to Iceland to buy anything.
ZOMBIE FOODS.How about a name change?
Found them being sold for 50p in Iceland.
darby knows how markets work and knows all he has to do is to show premier is a zombie company. every year if there is any sign of a revival or offer he makes sure he kills it, plenty of evidence. 1. re-issuing bonds at the same rate which still had 3 years to run. wastes �7m of precious money. 2. he does not want the pension savings of �15m courtesy of hovis scheme to have an effect, so ensures he wastes the money. 3. creating sweet treats when premier were about to produce good profits and all the right downs with it. when his job was as risk, he decides to get rid of sweet treats and claiming he is saving money. 4. makes sure the bid from mccormick fails. 5. gives away hovis with premier giving a vast amount to the venture. now worried hovis will succeed so probably planning to give away the 49% as he has already written off the full value. 6. company's debt in dec 2013 was �513m with debt to editda of 3.28, so not far from the target of 3x. what happened. Good chance his plan is to make sure debt to ebitda is about 5, and very close to it now. how can he still be ceo after 5 years on this alone.. a lot more
This from an article in the telegraph today about the resignation of countrywide CEO Countrywide�s chairman Peter Long said while its business-to-business and financial services arms were �strong and successful�, its sales and lettings business had �lost focus�. He added that it was Ms Platt�s decision to step down and that there was a �substantial amount of shareholder pressure, and she was pretty cognisant of that factor�.
Yes - it was never about Nissin investing in PF to make money on the share price. I think it was all about blocking McCormick from taking control of Batchelors and taking away the opportunity Nissin had of using PF to distribute Nissin products in the UK. What they likely really wanted with PF was a JV for distribution, and an eventual purchase of Batchelors (not all of premier foods) but McC frightened them into buying a stake they never wanted. It was a defensive move...which would be why they have shown no interest to date of buying more....and they could easily have done so, sub 40p.
Sorry but why will it have to be more than 60p, If we carry on trading at about 40p - 45p then there is nothing stopping nissin from bidding 55p for total control, and after what happened to the last offer of 65p current shareholders might be more than ok to take 55p. just depends on hold p**ed off people are. I hope it will be more than 65p myself but nothing is G/Teed.
but Nissin cannot get the company for less than they paid for their stake, if they top upto 29.95% the SP will be more than 60p, if they launch a takeover tomorrow, it will still be more than 60p.
Except that it was probably worth paying a premium to get a UK foothold with the option of takeover in future with pretty much no opposition.