Aryzta Sale Still on the Table

A sale of struggling European bakery Aryzta is said to be still an option to be considered, with US companies Flowers Foods and Hostess Brands reportedly among potential buyers.

The Irish Times recently reported, quoting unnamed market sources, that along with Flowers and Hostess, Japan’s Yamazaki Baking and Mexican bakery giant Grupo Bimbo may also be interested in acquiring Aryzta, which is under pressure from its two-largest shareholders to revamp the board in an effort to revitalize the business.

The Irish Times’ sources have also suggested Aryzta will not be the subject of a piecemeal sell-off of assets, an option previously touted in the investment community, and that the speculated interest is for the entire issued share capital of the company.

In July, Aryzta said it had received unsolicited interest in the business from third parties ahead of an extraordinary meeting scheduled for September 16.

Reports emerged in the media that Canada-based manufacturer and retailer George Weston was considering whether to put in a bid for Aryzta, while private-equity firms Apollo Global Management and Cerberus Capital Management were also said to be eyeing the business.