Aryzta to sell units as €734m takeover bid rejected

• Date: 19 December 2020
• Author: Joe Brennan
• Published date: 19 December 2020

The decision to turn down the bid had been largely expected after a boardroom coup, which began in September, was completed this week at the company's agm near Zurich.

The Swiss-Irish company's new chairman, Urs Jordi, had been clear since joining the board three months ago that he sees greater value for Aryzta investors in the company remaining on the stock market and selling off non-core assets to reduce its €1 billion net debt and focus the business.

Elliott had been courted by the old board, led up until the middle of September by chairman Gary McGann. However, the US firm only made a formal offer this month.

"Aryzta has had a tumultuous few years. It is clear from the feedback from all our stakeholders - shareholders, customers, suppliers, lenders, and employees - that it has been a painful, uncertain and destructive period for all," the company said. "The newly formed board is committed to bringing this chapter in Aryzta's history to a close."

Aryzta, which owns the Cuisine de France...