McCormick Says It Has Completed A Due Diligence Review Of Premier Foods And Will Not Make An Acquisition Offer

McCormick & Company, Incorporated (NYSE: MKC) announced on Wednesday it will no longer pursue an acquisition of UK-based Premier Foods.

The manufacturer of spices and condiments announced in late March it was pursuing an acquisition of Premier Foods.

However, McCormick announced on Wednesday it no longer intends on making an offer to acquire the company following a due diligence review process, which was conducted in an "open and collaborative spirit."

Related Link: McCormick Shares Up 6% Since Disclosing Takeover Talks For Premier Foods

"McCormick has, after careful consideration, concluded that it would not be able to propose a price that would be recommended by the Board of Premier Foods while also delivering appropriate returns for McCormick shareholders," McCormick said in its press release. "Accordingly, McCormick has withdrawn its proposal to acquire Premier Foods."

Premier Foods London-listed stock was trading lower by more than 25 percent following McCormick's announcement. McCormick's stock showed no activity early Wednesday morning.