Swiss-Irish baked goods company Aryzta has revealed it has appointed consultants to review the strategic and financial options available to it to maximise its value for the benefit of shareholders.
Rothschild & Co will carry out the review, which began in April and is expected to be concluded by the end of July.
The move follows concerns among shareholders about ongoing falls in the company's share price, which have seen it drop from a high in 2014 of just under 18.00 Swiss francs to 0.35 today.
Earlier, activist investors Veraison and Cobas Asset Management said the company should make changes to help boost its share price, as they announced a tie-up that encompasses 17.3% of shares.
"The two shareholders have joined to actively support improvements in the company," Swiss-based Veraison said in a statement.
"Trust in Aryzta must be rebuilt. Only in this way can Aryzta create value for all stakeholders again."
Among other things, they called for reducing complexity of the group and more-focused activities.
Cobas, Aryzta's largest shareholder, has been pushing for changes since at least 2018.
Last week, Aryzta which owns the Cuisines de France brand, said it had implemented a range of measures to reduce costs during the Covid-19 pandemic restrictions.
The group said it has paused production in three bakeries in Europe and five in north America since April 30.
It also temporarily closed other production lines within bakery plants in order to reduce capacity in line with demand.
Around 30% of its staff have been furloughed, while future capital expenditure with the exception of maintenance and health and safety has been suspended.
This the company says has yielded savings of more than €50m.
The Switzerland and Dublin listed firm also said last week that it had received consent from its lenders for a precautionary amendment of its financial covenants.
The firm says it has liquidity in excess of €385m at 30 April up from €360m at 24 March.