Premier Foods said it is to meet with shareholders this week after holding "constructive talks" with McCormick, as the Mr Kipling cakes owner seeks to convince its American suitor to sweeten its offer.
The company, which has so far rebuffed three bid approaches from McCormick, has released a presentation ahead of its meeting with institutional investors, setting out why it believes a higher offer for the company is justified and what the recent partnership agreed with Japan's Nissin will bring to the business.
The move comes after Premier's chief executive Gavin Darby was criticised by shareholders over his handling of the takeover talks with McCormick, as well as the timing of the Nissin agreement.
Top investors including Standard Life Investments have urged the board to engage with the US spices giant, whose latest offer valued the company at £1.5bn.
"Over the next few days, Premier is scheduled to meet its main institutional investors to provide them with further insight into the business, including the value creation potential of the company’s new strategic initiatives, and to engage with them more generally," Premier said.
It said senior management has made "detailed presentations to McCormick’s senior team" regarding the business and Premier's pension plan, which has been a main point of concern due to its size.
"The discussions between McCormick, Premier and their respective advisers have been constructive," the company said.
McCormick has until 5pm on 20 April to make an offer or walk away. A spokesperson for the company wasn't immediately available for comment.