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We note with some dismay the timing of Nissin's acquisition of a stake in Premier Foods. In our view, this does not reflect well on the Premier Foods Board's objectivity and commitment regarding its engagement with McCormick and consequently its desire to pursue maximum value for shareholders, although we believe the 60 pence bid indicated by McCormick is too low, we remain open to a bid at a higher level. We expect the Premier Foods Board, on behalf of its shareholders, to engage with McCormick and pursue this option to the full.