Irish-Swiss bakery firm Aryzta said today 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," the company said.
"As previously mentioned, Aryzta concluded the discussions with Elliott Advisors on 24 October 2020," it added.
Aryzta 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 said today it had appointed Marcus Opitz as chief restructuring officer with responsibility for the disposal strategy.
Armin Bieri has also been appointed as its chief transformation officer to lead the strategic reorientation of the company's 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 organisation, and empowered local teams," Chairman and interim chief executive Urs Jordi said.
Meanwhile, Aryzta's major shareholder Cobas has rejected the takeover proposal by financial investor Elliott.
Cobas said it has no intention to tender its shares at Elliott's proposed price of 0.8 Swiss francs per Aryzta share.
In a letter to Aryzta's chairman and interim CEO Urs Jordi, Cobas said the company was worth considerably more.
The Spanish asset manager, who holds almost 10% of the Aryzta shares, also asked the bakery products manufacturer not to help Elliott with financing issues surrounding an offer.
Aryzta's former chief executive Kevin Toland last week stepped down from the role.
That was the latest sign of a significant change in direction at the business, which posted a €1.09 billion net loss in the year to last July.
The firm has struggled in recent years to turn around its troubled and loss-making North American operation.
