Elliott, Aryzta Confirm Takeover Proposal

Elliott Advisors (UK) Ltd., an affiliate of Elliott Management Corp., recently confirmed that it made an offer to acquire all of the outstanding shares of Schlieren, Switzerland-based Aryzta AG for CHF0.80 per share (88 cents per share), or approximately CHF794m (USD872m).

Elliott said its offer followed several months of work “conducted with the support of the company and its board of directors, both before and after the Extraordinary General Meeting on September 16, 2020.”

Swiss baking company Aryzta AG said discussions with Elliott Management Corp. concluded without a binding offer. The company didn’t provide further details.

“The board of Aryzta will proceed to select the optimum option to bring the company forward sustainably,“ the Aryzta said in a statement on Saturday. The plans will be presented at the 2020 shareholders meeting on a date yet to be announced.

Billionaire Paul Singer’s investment firm and the Swiss company had said they were in advanced talks for a deal in September, after Aryzta hired Rothschild & Co. in May to conduct a strategic review of its business.

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