ZURICH (Reuters) – Private equity firm Elliott Capital Advisors said on Monday it made a proposal to Aryzta’s board of directors to acquire all outstanding shares of the Swiss frozen baked goods maker for an indicative price of 0.80 Swiss francs per share.
The potential offer would value the company at 793 million Swiss francs ($871.81 million), according to Refinitiv data. Aryzta’s shares closed at 0.6645 francs on Friday.
The financing for the potential offer is available and refinancing arrangements for the company’s existing debt are at an advanced stage, Elliott said in a statement.
“We require the board of directors’ recommendation of our potential offer and the company’s support to finalise our refinancing arrangements,” Elliott said.
It said the public tender offer would be subject to customary offer conditions to be specified by Elliott.
Aryzta, whose products include buns for McDonald’s burgers and Otis Spunkmeyer cookies, has been under pressure from activist investors for months as it generated losses well before the COVID-19 outbreak.
The Swiss company could not immediately be reached for comment.
Aryzta said last month that it had concluded discussions with Elliott without a binding takeover offer, and that it would look at other options.
Reporting by Silke Koltrowitz; Editing by Thomas Seythal, Sherry Jacob-Phillips and Kim Coghill