May 26, 2022
(press release)
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On May 24, 2022, Nissin Foods Holdings Co., Ltd. (President & Representative Director CEO, Koki Ando; “Nissin”) entered into an agreement to acquire 3.9% of shares in Premier Foods plc (“Premier Foods”) from Oasis Investments II Master Fund Ltd. (the “Acquisition”). Nissin and Premier Foods entered into a strategic alliance in March 2016 and have since built on our respective strengths to collaborate on various fronts. For example, Nissin has leveraged Premier Foods’ capabilities to distribute Cup Noodles, Soba, and other brands produced and sold for the UK & European markets, and Nissin has co-developed and co-manufactured Premier Foods’ Batchelors Super Noodles pots products. The Acquisition is intended to further strengthen the existing strategic relationship and to contribute to continued value creation at both the Nissin Foods Group and Premier Foods Upon completion of the Acquisition, Premier Foods is expected to be treated as an equity method affiliate of Nissin for accounting purposes. Financial impact on Nissin’s consolidated earnings from the Acquisition is still under review, and additional disclosure will be made if deemed required.
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