Premier Foods has moved to play down comments by its chief executive regarding the sale of a key stake in the company just prior to a takeover move.
Japanese noodle maker Nissin bought a 17.3% stake in Premier Foods from private equity firm Warburg Pincus for 63p per share, just a day after Premier rejected a 60p per share offer from American group McCormick in favour of a tie-up with Nissin. Investors were concerned that the move would deter McCormick from making an improved offer.

In a statement clarifying its position, Premier said: “A quotation attributed to Gavin Darby in The Daily Telegraph, published on 28th March 2016, stated that  "Mr Darby said: "The Premier Foods board feel very confident that rejecting 60p was a good decision. Warburg Pincus took the opportunity of selling their shares and chose to sell their shares to Nissin Foods Holdings Co. Ltd. Just as much as it could have been a deal between Warburg Pincus and McCormick & Company, Inc. I'm sure all three of them were involved.

“Premier Foods wishes to clarify that Mr Darby was not aware, nor could he have been, of any discussions between McCormick & Company, Inc. and Warburg Pincus. He was simply seeking to make clear, in response to a question from the journalist, that it would have been open to any party, including McCormick & Company, Inc., at any time to approach Warburg Pincus with a view to purchasing all or part of their shareholding.”