July 5, 2018 / 6:34 AM / 4 months ago

Proxy advisor ISS backs Premier Foods in battle with Oasis

July 5 (Reuters) - Proxy advisor Institutional Shareholder Services (ISS) has recommended shareholders of Premier Foods reappoint chief executive Gavin Darby at an annual general meeting later this month, countering demands from activist investor Oasis Management for his removal.

Premier, known for its Mr Kipling cakes and Homepride cooking sauces, has been under pressure to improve its performance since rejecting a 2016 takeover bid from U.S. food-maker McCormick.

Hong Kong-based Oasis is the company’s second-largest shareholder with a 9.3 percent stake.

“ISS... has recommended that shareholders vote in favour of the resolution to re-elect Gavin Darby ... and all other resolutions proposed by the board at the Company’s AGM on July 18th,” Premier Foods said in a statement on Thursday. (Reporting by Noor Zainab Hussain in Bengaluru; editing by Patrick Graham)

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