Oasis Stirs Premier Foods Row With Batchelors Soup Sale Demand
Premier Foods investor Oasis Management has called for the British canned foods maker to sell its well-known Batchelors Soup brand to improve its financial outlook and create funds for investment.
The Oasis call was rejected by Premier, which said it would not sell one of its "jewels", in the latest twist in a proxy fight which has erupted ahead of its annual general meeting of shareholders scheduled for later this month.
Premier's board said in an earlier statement it had the backing of a third influential shareholder advisory firm to reappoint chief executive Gavin Darby, who Oasis wants fired.
The Hong Kong-based investor said that even on conservative assumptions, selling Batchelors would generate 200 million pounds ($265 million) in proceeds, or more than 60 percent of the company's current market capitalisation.
Try European Supermarket Magazine PREMIUM – 30 Day FREE Trial.
A trial subscription gives unrestricted access to all premium site content, app content, weekly email content and European Supermarket Magazine digital edition for a full 30 days. Try it now!