Aryzta’s biggest shareholder has rejected the current non-binding bid for the company by US hedge fund Elliot. Elliot has offered to buy Aryzta for CHF0.80 per share in a deal that would value the target at around €734m. Elliot thinks it can have a firm offer for Aryzta on the table on time to be put to a shareholder vote on December 15, the Irish Independent understands. Elliott could make a binding offer for the company comfortably ahead of that time, people close to the situation have said. Aryzta has today appointed Marcus Opitz as chief restructuring officer with responsibility for the disposal strategy.

Source: Irish Independent November 24, 2020 10:52 UTC