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Proxy advisor ISS backs Premier Foods in battle with Oasis

Reuters - UK Focus

July 5 (Reuters) - Proxy advisor Institutional Shareholder Services (ISS (LSE: 0QRS.L - news) ) has recommended shareholders of Premier Foods (Frankfurt: A1JWNB - news) reappoint chief executive Gavin Darby at an annual general meeting later this month, countering demands from activist investor Oasis Management for his removal.

Premier (BSE: 500540.BO - news) , known for its Mr Kipling cakes and Homepride cooking sauces, has been under pressure to improve its performance since rejecting a 2016 takeover bid from U.S. food-maker McCormick.

Hong Kong-based Oasis is the company's second-largest shareholder with a 9.3 percent stake.

"ISS... has recommended that shareholders vote in favour of the resolution to re-elect Gavin Darby ... and all other resolutions proposed by the board at the Company's AGM on July 18th," Premier Foods said in a statement on Thursday. (Reporting by Noor Zainab Hussain in Bengaluru; editing by Patrick Graham)