Aryzta shares end higher again after bakery firm confirms renewed offer         

Swiss-Irish bakery products firm valued at around €735m

Shares in Aryzta ended  3.3% higher in trading.

Shares in Aryzta ended 3.3% higher after it confirmed on Monday morning it received a non-binding letter from equity fund Elliott in which it proposed making an offer at CHF 0.80 per share, which values the Swiss-Irish bakery products firm at around €735m. 

It comes after the share price rose sharply on F riday as Bloomberg reported that billionaire Paul Singer’s Elliott Management had made a fresh takeover bid for the ailing baking company at an offer of Swiss franc 0.80 per share.

Citing sources, it reported Elliott proposed an offer in recent weeks and reiterated its interest in the past few days. It reported last week that the price would represent a 32% premium to Thursday’s close. 

Aryzta shares rose as much as 21% on Friday, making it the biggest gainer on the benchmark Swiss Performance Index. 

The company has its main listing in Switzerland and also has a secondary listing in Dublin, and the Irish Takeover Panel has no remit over the company. 

The Irish Examiner asked Aryzta whether the company had taken note of the share price movement last week and whether it ought to have issued a stock market announcement in response to share price movement, or was spurred on to announce it on Monday morning because of the share price movement. 

A spokesman said the company had no comment to make at the time of going to press.       

"Aryzta notes the statement made this morning by Elliott Advisors (UK) Limited," it said in its stock market announcement on Monday. 

"Aryzta confirms that it has received a non-binding letter from Elliott in which they proposed making an offer at CHF 0.80 per share, subject to certain conditions, some of which cannot be satisfied as a matter of fact, and to Elliott being able to secure refinancing for Aryzta," it said.