The company that produces products such as Mr Kipling cakes, Ambrosia puddings and Oxo gravy has been criticised by its shareholder (Cape Wrath) for showing “a disregard for long-term value creation” when they rejected a £537m takeover last year. 

Premier was once the UK’s largest food company but a debt-fueled merger and acquisition spending spree brought it to the brink of collapse in 2008.

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