Spice seller McCormick scraps plan to buy Premier Foods

Staff Writer
Columbus CEO

NEW YORK (AP) — Spice and herb seller McCormick says it is scrapping its plan to buy British food maker Premier Foods, after takeover talks between the two companies failed.

Last month, Premier rejected McCormick's most recent offer to buy the company for about $764 million.

McCormick is best known for its spices with bright red labels. The Sparks, Maryland, company also sells Zatarain's rice mixes and Stubb's barbecue sauce.

Premier's brands include OXO stock cubes and Mr. Kipling packaged cakes.

Shares of Premier Foods PLC dropped more than 25 percent on the London Stock Exchange. McCormick & Co. shares were unchanged before the U.S. stock market opened.