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Nissin agrees to take stake in Premier Foods

Reuters - UK Focus

LONDON, March 24 (Reuters) - Japanese instant noodle maker Nissin Foods has agreed to buy a 17.27 percent stake in Premier Foods (LSE: PFD.L - news) from an existing shareholder, the British company said on Thursday.

The announcement comes a day after Premier (NasdaqGS: PINC - news) said it had rejected two takeover approaches from U.S (Other OTC: UBGXF - news) . spices maker McCormick. McCormick has until April 20 to make a firm offer.

Premier and Nissin are seeking to finalise the terms of a relationship agreement that is conditional on Premier no longer being in an offer period.

(Reporting by Martinne Geller in London)