Aryzta In Advanced Discussions With Elliott About Potential Tender Offer
Swiss frozen baked goods maker Aryzta AG said it is in advanced talks with private equity firm Elliott Advisors (UK) about a potential public tender offer for all the outstanding shares of Aryzta.
"There is no certainty that those discussions will result in any offer being made," Aryzta said in a statement.
Activist shareholders Veraison Capital and Cobas had pushed for a change in strategy at the Swiss company.
The company saw an 18% decline in revenue in July of this year, with monthly revenue in its Europe business down by around 20%.