FOOD PRODUCTION
Why Premier Foods boss backs the sale of assets
London — Premier Foods said it was open to selling parts of the business and acknowledged it had to speed up its turnaround plans ahead of a showdown with investors who want to replace its CEO, Gavin Darby. The maker of Bisto gravy has been under shareholder pressure ever since US food maker McCormick walked away from a takeover bid in 2016, pushing one of its largest shareholders, Paulson & Co, to criticise the board for rejecting the offer. Premier’s second-largest shareholder, Oasis Management, has called for shareholders to vote against Darby’s re-election on Wednesday. He survived the vote. The Hong Kong-based investor has accused Darby of having no credible strategy to tackle slowing UK growth and reduce its net debt of around £495m. Right price Darby, who has been in charge for more than five years, said he was open to selling assets at the right price. "Nothing is off the table," chairman Keith Hamill said late on Tuesday. Hamill said it had held exploratory talks to sell i...
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