Cuisine de France owner Aryzta enters takeover talks

Cuisine de France owner Aryzta is in advanced talks with private equity firm Elliott Advisors about a potential public tender offer for all the outstanding shares of Aryzta.

“There is no certainty that those discussions will result in any offer being made,” the Irish-Swiss baked goods group said.

Activist shareholders Veraison Capital and Cobas had pushed for a change in strategy at Aryzta.

It was reported last month that Elliott was exploring a bid for Aryzta and that those deliberations were at an early stage with no certainty that the hedge fund would proceed with a formal offer.

Last month, the activist shareholders rejected Aryzta's proposal for chairman, instead continuing to push their own candidates for a proposed board overhaul.

Their pick for new chairman has already reportedly said he would sell non-core assets and simplify Aryzta's structure and operations.

Aryzta had pushed back a planned extraordinary general meeting to vote on resolutions brought forward by the two activist investors until next week, due to having received unsolicited takeover approaches the group said in August.

Aryzta’s share price – battered over the past year – was up by over 1.2% ahead of the announcement confirming the potential takeover talks, which was released after European stock markets closed.

-Reuters and Irish Examiner