The independent board at S Daniels, the group best known for its New Covent Garden Soup subsidiary, has rejected a revised offer for the company from former chilled foods division director John Sexton. Sexton departed earlier this month when Asian firm Singapore Food Industries took a 26.5% stake in the company, which will raise £10.5m to fund new production facilities and tackle debts. While the board was satisfied Sexton had sufficient financial backing, it would not recommend the £21m deal to shareholders as it did "not reflect the true value of the company". In a statement to the Stock Exchange, Daniels' board said it did not expect the 18p a share proposal would result in a firm offer for the company. {{NEWS }}