Mr Kipling cakes maker Premier Foods Plc said on Wednesday it would review options to boost shareholder value following talks with its top investors.
The review comes at a time the company is looking for a permanent chief executive officer after former boss Gavin Darby was ousted in November following shareholder opposition.
Premier Foods also said that Daniel Wosner of Oasis Management Co Ltd, its second-largest shareholder and Orkun Kilic of Paulson & Co Inc, the third-largest, will become non-executive directors of the board.
Oasis has an 11.95% stake, while Paulson & Co holds 7.59% in the company, according to Refinitiv Eikon data.
Premier Foods has also been cutting costs as part of a two-year plan launched in 2017 by laying off people and streamlining its warehousing and distribution network.
Darby, who led the company from 2013 to the end of January this year, resigned in November after drawing investor flak for failing to revive the business after rebuffing a takeover approach from US food maker McCormick & Co Inc.
Premier Foods — whose shares have lost nearly a third since McCormick abandoned its approach in April 2016 — was up 3% at 38.2 pence.