An English food company has rejected a takeover bid from McCormick & Co. in what would be the Sparks-based spice maker's largest acquisition.
McCormick has about a month to decide whether to proceed with its roughly $700 million cash offer for Premier Foods plc, which sells a variety of cooking sauces, seasonings and cake mixes in the United Kingdom.
Premier Foods announced Wednesday that its board had rejected McCormick's proposal as insufficient. McCormick later confirmed that it first offered 52 pence a share for Premier in February, then raised its bid to 60 pence on March 14.
Premier shares soared more than 70 percent to 53.75 pence each in London Stock...