1. Aryzta Sells North American Pizza Business, Board Considering Elliott Offer

    Aryzta Sells North American Pizza Business, Board Considering Elliott Offer

    The board of Aryzta says it is considering the binding offer for the company made by US hedge fund Elliott over the weekend. On Saturday Elliott made a binding offer to buy the business at CHF0.80 per share, valuing the company at €734m. In a statement today the Swiss-Irish food group said the board “will carefully consider the offer in accordance with its fiduciary duties and processes in due time.” The company also announced the disposal of its North American take and bake pizza to Private Equity group Brynwood Partners. Terms and conditions of the deal are not being...

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    1. In our view the business unit did not have a meaningful Ebitda contribution to group [lately] and therefore [cash] proceeds are low.
    2. The board would like to express its gratitude to both Tony and John for their contribution to Aryzta over the past three years.
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