Aryzta shares rise as bosses strike defiant tone

Main shareholders of food company Aryzta say a takeover offer undervalues it.

Shares in Cuisine de France owner, Aryzta, rose by more than 2% as the company's new management remained defiant about its growth potential in the face of takeover interest from US hedge fund, Elliott Advisors.

The Swiss-Irish baked-goods group's chairman and interim CEO, Urs Jordi, said Aryzta retains a strong liquidity position of around €445m and that the next phase of its recovery "has commenced".