Elliott Advisors amends takeover proposal for Aryzta
24/11/2020 07:08
ZURICH, Nov 24 (Reuters) - Swiss-Irish bakery firm Aryzta
ARYN.S said on Tuesday that Elliott Capitol Advisors had
amended its potential takeover offer for an indicative price of
0.80 Swiss francs per share.
"Aryzta notes that it has received a letter from Elliott
Advisors (UK) Limited withdrawing the condition from its
non-binding proposal which could not be satisfied as a matter of
fact. As previously mentioned, Aryzta concluded the discussions
with Elliott Advisors on 24 October 2020," it said.
Aryzta, whose shares closed at 0.678 francs on Monday, had
said this week the potential offer was subject to certain
conditions, some of which could not be satisfied, and that it
was considering alternatives. urn:newsml:reuters.com:*:nL8N2I90HK
It appointed Marcus Opitz as chief restructuring officer
with responsibility for the disposal strategy and Armin Bieri as
chief transformation officer to lead the strategic reorientation
of its core markets and businesses.
"I reiterate my belief that Aryzta has strong development
potential, and we have the resources and ability to win with a
focused business model of core markets and businesses, a
simplified organization, and empowered local teams," Chairman
and Interim Chief Executive Urs Jordi said.
(Reporting by Michael Shields; editing by Brenna Hughes
Neghaiwi)
((Michael.Shields@thomsonreuters.com; +41 41 528 3630; Reuters
Messaging: michael.shields.thomsonreuters.com@reuters.net))