Food group Aryzta says it has raised $120m through a placing of just over 3.3 million shares, representing around 4% of its previous share capital.
Earlier this week, the company announced two acquisitions, including the $900m purchase of Fresh Start Bakeries.
It said up to $140m of the price for Fresh Start could be paid in Aryzta shares. But, as a result of the share placing, Aryzta will now pay $880m in cash and $20m in shares for Fresh Start.
Aryzta was formed by the merger of Cuisine de France owner IAWS and Swiss bakery group Hiestand.
