NEW YORK (TheStreet) -- McCormick & Co. (MKC) - Get Report stock is declining 0.35% to $99.24 in mid-morning trading on Wednesday after the spices, condiments and flavors company raised its offer to acquire Premier Foods (PRRFY), a U.K.-based food company.
McCormick is offering 65 pence per share in cash to buy Premier Foods, up from its previous bids of 52 pence per share and 60 pence per share, The Deal reports.
The latest bid values Premier Foods' stock at $773 million and has an enterprise value of $2.16 billion, according to The Deal.
McCormick's revised proposal is subject to the condition that Premier Foods allow the Sparks, MD-based company to revise pension documents, as well as current trading and material contracts.
"McCormick continues to believe that... it would be an outstanding custodian for the Premier Foods brands, and... can provide benefits for Premier Foods, its pensioners, creditors and other stakeholders, which Premier Foods' current capital structure cannot deliver," McCormick said in a statement.
Separately, McCormick has a "buy" rating and a letter grade of A at TheStreet Ratings because of the company's revenue growth, expanding profit margins, good cash flow from operations, increase in net income and largely solid financial position with reasonable debt levels by most measures.
You can view the full analysis from the report here: MKC
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.