ZURICH Reuters Private equity firm Elliott Capital Advisors said on Monday it made a proposal to Aryztas board of directors to acquire all outstanding shares of the Swiss frozen baked goods maker for an indicative price of 0.80 Swiss francs per share.
The potential offer would value the company at 793 million Swiss francs 871.81 million, according to Refinitiv data. Aryztas shares closed at 0.6645 francs on Friday.
The financing for the potential offer is available and refinancing arrangements for the companys existing debt are at an advanced stage, Elliott said in a statement.
We require the board of directors recommendation of our potential offer and the companys support to finalise our refinancing arrangements, Elliott said.
It said the public tender offer would be subject to customary offer conditions to be specified by Elliott.
Aryzta, whose products include buns for McDonalds burgers and Otis Spunkmeyer cookies, has been under pressure from activist investors for months as it generated losses well before the COVID19 outbreak.
The Swiss company could not immediately be reached for comment.
Aryzta said last month that it had concluded discussions with Elliott without a binding takeover offer, and that it would look at other options.
Reporting by Silke Koltrowitz; Editing by Thomas Seythal, Sherry JacobPhillips and Kim Coghill