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Elliott Advisors amends takeover proposal for Aryzta

·1 min read

ZURICH, Nov 24 (Reuters) - Swiss-Irish bakery firm Aryzta said on Tuesday that Elliott Capitol Advisors had amended its potential takeover offer for an indicative price of 0.80 Swiss francs per share.

"Aryzta notes that it has received a letter from Elliott Advisors (UK) Limited withdrawing the condition from its non-binding proposal which could not be satisfied as a matter of fact. As previously mentioned, Aryzta concluded the discussions with Elliott Advisors on 24 October 2020," it said.

Aryzta, whose shares closed at 0.678 francs on Monday, had said this week the potential offer was subject to certain conditions, some of which could not be satisfied, and that it was considering alternatives.

It appointed Marcus Opitz as chief restructuring officer with responsibility for the disposal strategy and Armin Bieri as chief transformation officer to lead the strategic reorientation of its core markets and businesses.

"I reiterate my belief that Aryzta has strong development potential, and we have the resources and ability to win with a focused business model of core markets and businesses, a simplified organization, and empowered local teams," Chairman and Interim Chief Executive Urs Jordi said.

(Reporting by Michael Shields; editing by Brenna Hughes Neghaiwi)