Aryzta appoints chairman in favour of going it alone as Elliott deadline passes
15/12/2020 11:53
ZURICH, Dec 15 (Reuters) - Shareholders of baking goods
maker Aryzta ARYN.S have elected a chairman who has previously
spoken out against a takeover, after a deadline on an 800
million Swiss franc ($902.53 million) approach from Elliott
Advisors expired last week.
Urs Jordi was elected as chairman of the struggling company,
which produces McDonald's burger buns, at its remotely held
annual general meeting.
Jordi has said now is not the time for Aryzta to consider
selling up, instead favouring a restructuring of the company,
whereas some previous board members favoured a takeover.
urn:newsml:reuters.com:*:nL8N2I90HK
American private equity firm Elliott launched its latest
takover bid for the company at the beginning of December,
attaching conditions to the offer and setting a deadline for the
deal to be agreed, which expired last week.
Elliott has not commented on its intentions since, but
Aryzta is expected to decide on its own position soon.
The Swiss-Irish company, which owns Cuisine de France, has
endured a tough few years, with falling sales made worse by the
COVID-19 pandemic. It has also been weighed down by a huge debt
pile from a acquisition spree in Europe and the United States.
($1 = 0.8864 Swiss francs)
(Reporting by Oliver Hirt and John Revill; Editing by Kirsten
Donovan)
((John.Revill@thomsonreuters.com; +41 58306 7022; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))