Elliott Capital Advisors' offer to buy Aryzta has lapsed after the Swiss-Irish baked goods maker rejected its approach, the US financial investor said today.
Aryzta on Friday turned down an 800 million Swiss franc ($902 million) offer from Elliott, saying it preferred to go it alone.
The company, which owns the Cuisine de France brand, said the decision was taken after careful review of the offer.
"This unaminous decision by the Board has been taken after very careful consideration in line with its fiduciary duties and in the interests of all stakeholders," it said on Friday.
Earlier this month, Elliott had made a conditional offer for the entire share capital of the company at 0.80 Swiss francs per share.
The offer of 0.80 Swiss francs per share was at the same level as an initial non-binding proposal from Elliott that was made to the board last month.
The offer valued Arytzta, which supplies buns to McDonald's, at €734m.