Elliott Advisors proposes to acquire Aryzta (updated)
23/11/2020 06:12
(Adds details on acquisition offer, comments and background)
ZURICH, Nov 23 (Reuters) - Private equity firm Elliott
Capital Advisors said on Monday it made a proposal to Aryzta's
ARYN.S 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 financing for the potential offer is available and
refinancing arrangements for the company's 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 company's 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 McDonald's burgers
and Otis Spunkmeyer cookies, has been under pressure from
activist investors for months as it generated losses well before
the COVID-19 outbreak. urn:newsml:reuters.com:*:nL8N2GD14I
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. urn:newsml:reuters.com:*:nASN000GG8
(Reporting by Silke Koltrowitz; Editing by Thomas Seythal and
Sherry Jacob-Phillips)
((silke.koltrowitz@thomsonreuters.com; +41 41 528 3638;))