Shares in Aryzta ended 3.3% higher after it confirmed on Monday morning it received a non-binding letter from equity fund Elliott in which it proposed making an offer at CHF 0.80 per share, which values the Swiss-Irish bakery products firm at around €735m. Citing sources, it reported Elliott proposed an offer in recent weeks and reiterated its interest in the past few days. It reported last week that the price would represent a 32% premium to Thursday’s close. Aryzta shares rose as much as 21% on Friday, making it the biggest gainer on the benchmark Swiss Performance Index. "Aryzta notes the statement made this morning by Elliott Advisors (UK) Limited," it said in its stock market announcement on Monday.

Source: Irish Examiner November 23, 2020 19:30 UTC