US-based investor Paulson & Co. has upped its stake in UK manufacturer Premier Foods to 11.9%.
The move, confirmed in a regulatory notification seen by just-food, sees New York-based Paulson significantly increase its previous stake of 7% and comes less than three months after Premier CEO Gavin Darby announced he was stepping down and the company revealed its plan to sell off its Ambrosia custard brand.
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This followed a rancorous battle for control of the company last summer when activist investor Oasis Management, Premier’s second-largest investor with a 17.3% stake, supported by Paulson, its third-largest, called for a new strategy, involving the sale of assets and for Darby to be replaced.
Darby retained his position in a vote at the company’s annual general meeting in July, largely because he won the support of the Bisto gravy and Oxo cube maker’s largest shareholder Nissin Foods, which has a 19.6% holding in Premier and its three largest pension funds, only to announce his departure four months later.
Premier’s chief financial officer Alastair Murray was named acting CEO last month.
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When contacted by just-food, Premier Foods said it had no comment to make.
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By GlobalDatajust-food has also asked Paulson & Co for a comment.
