(Adds detail, context)
By Rahul B
March 1 Britain's Premier Foods Plc,
under pressure from investors after rejecting a takeover bid
last year, named a representative of Hong Kong-based Oasis
Management to its board on Wednesday in an effort to revive its
Oasis will raise its stake in Premier to 10 percent by June
2018, the maker of Mr Kipling cakes and Bisto gravy said as it
announced the appointment of Daniel Wosner, Oasis's managing
director and head of Europe, to its board with immediate effect.
Premier has failed to deliver the performance it promised
when it rejected a 65 pence-per-share takeover approach from
U.S. food maker McCormick last April, weakening its
shares and angering some of its shareholders.
Since rejecting the bid, Premier Foods has warned on profit
and said it was taking longer than expected to agree supply
deals with food retailers. It has increased marketing and
cost-savings in a turnaround effort.
Activist fund Paulson & Co, which was a top-10 Premier
shareholder, went public to criticise its board for rejecting
McCormick's offer, one of a number of its biggest investors who
questioned the decision.
Premier's shares, which have lost more than a quarter of
their value since October following weak sales and a profit
warning, were up by more than 2 percent on hopes that Wosner's
experience as an investment banker would help.
"Daniel's perspective and experience will be a valuable
addition to the team," Premier Chairman David Beever said of
Wosner, who worked at Barclays and Lehman Brothers before
joining Oasis, which was founded in 2002 by Seth Fischer.
Oasis, raised its stake in Premier to 4.64 percent in
October, from 3.05 percent reported in July..
Japanese noodle maker Nissin Foods is the company's
largest shareholder with a stake of around 19.7 percent. Premier
said in January it would roll out the first Nissin branded
products in the next few weeks.
(Editing by Martinne Geller and Alexander Smith)