Elliott Advisors offers to take over Swiss food company Aryzta for CHF0.8 per share
Elliott Advisors (UK) has proposed to take over Swiss food company Aryzta for an indicative price of CHF 0.80 per share.
According to Elliott Advisors (UK), the financing for the proposed deal is available and that refinancing arrangements for the existing debt of Aryzta are at a very advanced stage.
The investment management company, which is an affiliate of Elliott Management, said that it needs Aryzta’s recommendation for its offer and the Swiss company’s support for finalizing its refinancing arrangements.
Aryzta, in response, said that the offer is subject to certain conditions, of which some cannot be satisfied.
It can be noted that the Swiss food company in late October said that it had concluded talks with Elliott Advisors (UK) without a binding offer. The company at that said that its board will proceed to select the suitable option to take the business forward sustainably.
The Swiss food company, which is primarily focused on specialty bakery business, has operations across Europe, North America, South America, Asia, Australia, and New Zealand.