Paulson & Co, the hedge fund firm led by billionaire investor John Paulson, has upped its overall interest in Britain's Premier Foods Plc to 11.9%, a regulatory filing showed on Friday.
The activist investor's move comes a little over two months after the Bisto gravy and Oxo-cube maker said chief executive officer, Gavin Darby, would be stepping down, following a shareholder revolt, led by activist hedge fund Oasis Management, that called for a management overhaul.
Darby stepped down as CEO on 31 January 2019.
Failed Takeover Bid
Paulson had urged Premier Foods to replace its top boss last year. Some investors had lined up against Darby, blaming him for a failed takeover bid by US spice maker McCormick & Company Inc in 2016.
The food giant has named finance chief Alastair Murray as acting chief executive officer until a permanent replacement for Darby is appointed.
Japan's Nissin Foods Holdings Co Ltd is the largest shareholder in the Mr Kipling cakes maker with a stake of 19.6%, according to Refinitiv Eikon data.