Swiss bakery firm Aryzta has said that it plans to 'carefully consider' a conditional offer from investment firm Elliott to take over the business.
Elliott has offered to purchase the entire share capital of Aryzta for CHF 0.80 per share, which values the company at around CHF 794 million (€735 million).
Aryzta, which will hold its AGM on 15 December, said that it will 'carefully consider the offer in accordance with its fiduciary duties and processes in due time'.
Elsewhere, Aryzta has said that it has disposed of its North American take and bake pizza operation to private equity firm Brynwood Partners.
Terms and conditions of the deal are not being disclosed, however Aryzta said that it forms part of its plans to 'restructure its business model into a multi-local, lean and agile structure. This new model will reduce complexity and overhead costs'.
As part of its restricting plans, two members of the group's executive committee, Tony Murphy, chief people officer, and John Heffernan, president and chief commercial officer, Aryzta North America, have ceased their roles with the company.
'The board would like to express its gratitude to both Tony and John for their contribution to Aryzta over the past three years,' the company said in a statement.
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