The UK’s Premier Foods—known for its Mr. Kipling cakes and Bistro gravy among other brands—has rejected two unsolicited takeover bids from McCormick & Co saying the US company’s proposals undervalue its growth prospects and is not in the best interest of shareholders.
McCormick valued Premier at 60 pence per share, about 496 million pounds or roughly $704 million, according to Reuters. Shares of Premier were trading at 54 pence per share as of 4:11 p.m. GMT Wednesday, up about 70 percent from the market close Tuesday. McCormick, known for its herbs and spices, said this offer should be attractive to Premier’s employees and shareholders, and is consistent with its mission to add iconic house-hold name brand products to its portfolio and increase its presence in the grocery retail market.