Premier Foods Stock (OTC:PRRFY), Trade Ideas

Premier Foods PLC is a food manufacturing company. It manufactures, processes, and distributes food products. The company's operating segments include Grocery and Sweet Treats. Grocery segment primarily sells savoury ambient food products. The Sweet Treats segment sells sweet ambient food products. It generates maximum revenue from the Grocery segment. Geographically, it derives a majority of its revenue from the United Kingdom and also has a presence in Other Europe and Rest of world. Some of the company brands include Ambrosia, Angel Delight, Atora, Batchelors, Be-Ro, Bird's, Bisto, Cadbury, Coffee Compliment, Homepride, and others.

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PRRFY

Benzinga&#39;s M&amp;A Chatter for Wednesday March 30, 2016

Markets

GOOG

ICLR

Market Roundup

Management

Premier Foods Appoints Mike Clarke As CFO

PREMIER FOODS UNSP/ADR by Premier Foods Plc.

Premier Foods PLC

Intraday Update

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Stocks That Hit 52-Week Highs On Tuesday

The following are the M&amp;A deals, rumors and chatter circulating on Wall Street for Wednesday March 30, 2016:
Medivation Working With JP Morgan to Fend Off Takeover
The Rumor: Shares of Medivation (NASDAQ: <a class="ticker" href="/stock/mdvn#NASDAQ">MDVN</a>) spiked sharply higher Wednesday, following a Bloomberg report that the company had hired JPMorgan Chase to fight off a potential takeover attempt. Medivation has been the subject of takeover chatter, most recently from Sanofi (NYSE: <a class="ticker" href="/stock/sny#NYSE">SNY</a>).
Medivation closed at $37.39, and traded as high as $43.90 after-hours.
McCormick's 65 Pence/Share Cash Offer Rejected by Premier Foods Board
The Rejection: Premier Foods plc (OTC: <a class="ticker" href="/stock/prrfy#OTC">PRRFY</a>) said Wednesday, that the revised possible offer of 65 pence in cash per Premier share from McCormick &amp; Company, Inc. (NYSE: <a class="ticker" href="/stock/mkc#NYSE">MKC</a>) continues to undervalue Premier and its prospects.
Premier's Board is prepared to meet to review documentation and establish whether McCormick will increase its offer price on a deliverable proposal to a recommendable level. \ of McCormick.
McCormick closed at $99.75 on Wednesday, up $0.16.
State Street to Buy GE Asset Management for $485M
The Deal: State Street Corporation (NYSE: <a class="ticker" href="/stock/stt#NYSE">STT</a>) announced Wednesday, that it has agreed to acquire GE Asset Management from GE (NYSE: <a class="ticker" href="/stock/ge#NYSE">GE</a>) for up to $485 million in cash. The deal is expected to be completed early in Q3 of 2016. 
GE closed at $31.83 on Wednesday, up 1%.

Benzinga's M&A Chatter for Wednesday March 30, 2016

Shares of ICON plc (NASDAQ: <a class="ticker" href="/stock/iclr#NASDAQ">ICLR</a>) gained about 0.24% after the company acquired Firecrest Clinical, a market-leading provider of technology solutions that boost investigator site performance and study management.

Shares of Fairchild Semiconductor International Inc (NYSE: <a class="ticker" href="/stock/fcs#NYSE">FCS</a>) surged about 5.5% after the company reported its Q2 net income at $44.9 million, or $0.34 per share, compared to $43.8 million, or $0.34 per share, in the year-ago period. Excluding special items, the company's earnings came in at $0.41 per share. Analysts were expecting earnings of $0.40 per share. Fairchild projects Q3 sales to be flat to up 3%. 

Shares of Google Inc (NASDAQ: <a class="ticker" href="/stock/goog#NASDAQ">GOOG</a>) fell about 0.6% as the company is all set to report its quarterly results after the closing bell. Google is projected to report its Q2 operating earnings at $7.86 per share on revenue of $6.54 billion.

Shares of Premier Foods PLC (OTC: <a class="ticker" href="/stock/prrfy#OTC">PRRFY</a>) surged about 15% after the company appointed Mike Clarke as the new CEO of the company. Clarke will succeed Robert Schofield as the CFO. Clarke is presently president of Kraft Foods Inc's (NYSE: <a class="ticker" href="/stock/kft#NYSE">KFT</a>) European operations.

Premier Foods PLC (OTC: <a class="ticker" href="/stock/prrfy#OTC">PRRFY</a>) appointed Mike Clarke as the new CEO of the company.

Clarke will succeed Robert Schofield as the CFO. Clarke is presently president of Kraft Foods Inc's (NYSE: <a class="ticker" href="/stock/kft#NYSE">KFT</a>) European operations.

PRRFY shares dipped 6.35% to close at $2.80 yesterday.

Shares of Sara Lee Corp (NYSE: <a class="ticker" href="/stock/sle#NYSE">SLE</a>) advanced after a report that the company has rejected a buyout offer of $12 billion from Kohlberg Kravis Roberts &amp; Co. SLE shares are up about 8% following the report.
Shares of Canada are down, with Toronto's main stock index dropping after decline in the US factory orders in August. Toronto's main gold shares index moved down about 0.7%. Shares of Canada's Barrick Gold Corp (NYSE: <a class="ticker" href="/stock/abx#NYSE">ABX</a>) and Goldcorp Inc (NYSE: <a class="ticker" href="/stock/gg#NYSE">GG</a>) declined more than 1.5%. The S&amp;P/TSX Composite Index fell about 0.69%.
US Financial stocks were mostly flat to begin the week. Shares of Brookfield Properties Corp (NYSE: <a class="ticker" href="/stock/bpo#NYSE">BPO</a>) gained about 2.8% early after CIBC upgraded the company from “sector perform” to “sector outperform.” Shares of Allstate Corp (NYSE: <a class="ticker" href="/stock/all#NYSE">ALL</a>) also moved up after analysts at J.P. Morgan upgraded the stock from “neutral” to “overweight.” The Financial Select Sector SPDR Fund (<a class="ticker" href="/stock/xlf#">XLF</a>) is down about 0.55%. 
UK shares moved down, with oil and mining companies among the top decliners in the list. However, the shares of Wolseley (OTC: <a class="ticker" href="/stock/woscy#OTC">WOSCY</a>) and Premier Foods (OTC: <a class="ticker" href="/stock/prrfy#OTC">PRRFY</a>) were the top gainers in the list. Premier Foods reported that it has received offers for its meat-free business, comprising Quorn. Analysts at Credit Suisse initiated coverage of Wolseley Plc with an “outperform” rating. The FTSE 100 index dropped 0.66%.
Read more <a href="http://www.benzinga.com/markets">from Benzinga's Markets.</a>

WOSCY

Late Market Roundup (SLE, ABX, GG, BPO, ALL, WOSCY, PRRFY)

Premier Foods Plc (OTC: PRRFY) received offers for its vegetarian food business.
The company reported that it has received offers for its meat-free business, comprising Quorn. Premier Foods commented, "As stated at the time of its interim results on 4 August, the board remains open minded about disposals, provided they deliver shareholder value and accelerate the reduction of average net debt/earnings before interest, taxes, depreciation and amortization." 
The company will make further announcements, when additional information is available. 
Shares of Premier Foods surged more than 11% on the London Stock Exchange following the news.
Read more <a href="http://www.benzinga.com/markets/company-news">from Benzinga's Company news.</a>