Paulson & Co has reduced its overall interest in Britain's Premier Foods Plc to just over 6% from 7.5%, the hedge fund firm led by billionaire investor John Paulson said on Monday.
The move comes ahead of a shareholder meeting next week which could determine the fate of Gavin Darby, chief executive of the maker of Oxo cubes and Mr Kipling cakes.
The meeting on 18 July could determine the fate of Gavin Darby, chief executive of the maker of Oxo cubes and Mr Kipling cakes.
The hedge fund led by billionaire investor John Paulson said it held a stake of 6.08% in Premier Foods as of 6 July, up from 1.99% disclosed earlier.
Shareholder Conflict
Darby has been asked to step down by the company's second largest shareholder Oasis Management, which has called on shareholders to vote against his re-election at the annual meeting.
However, influential shareholder advisory firms ISS, Glass Lewis and Pensions & Investment Research Consultants have backed Darby, who has been in the role since 2013.
Premier Foods has been under shareholder pressure since it rejected a twice-improved 65 pence per share takeover bid from US food-maker McCormick in 2016. Its shares traded at 40.30 pence by 1150 GMT on Monday.
Japan's Nissin Foods is the largest shareholder in Premier with a stake of 19.5%, according to Thomson Reuters data.
Note: This story has been corrected on 10 July. The company corrected its 9 July filing to show Paulson reduced (not increased) stake its stake in Premier Foods.
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
