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| Branston firm's £1.2bn Oxo buyout | Branston firm's £1.2bn Oxo buyout |
| (10 minutes later) | |
| Premier Foods, the owner of brands such as Branston sauces and Ambrosia Creamed Rice, agrees to buy rival RHM for £1.2bn to become the top UK food firm. | |
| RHM's board has approved the deal that will bring together names such as Hovis bread, Mr Kipling cakes and Oxo gravy. | RHM's board has approved the deal that will bring together names such as Hovis bread, Mr Kipling cakes and Oxo gravy. |
| The merged company will have annual sales of £2.6bn, with 93% of those revenues coming from the UK. | The merged company will have annual sales of £2.6bn, with 93% of those revenues coming from the UK. |
| Premier will pay a mixture of cash and new shares in a deal that values RHM stock 30% higher than its Friday close. | Premier will pay a mixture of cash and new shares in a deal that values RHM stock 30% higher than its Friday close. |
| Premier said it would pay one new share and 83.2 pence in cash for each RHM share. That works out at about 352.45p for each RHM share. | Premier said it would pay one new share and 83.2 pence in cash for each RHM share. That works out at about 352.45p for each RHM share. |
| The purchase still needs to be approved by shareholders. | The purchase still needs to be approved by shareholders. |