Swiss baking company Aryzta AG said discussions with Elliott Management Corp. concluded without a binding offer. The company didn’t provide further details.
“The board of Aryzta will proceed to select the optimum option to bring the company forward sustainably,“ the Aryzta said in a statement on Saturday. The plans will be presented at the 2020 shareholders meeting on a date yet to be announced.
Billionaire Paul Singer’s investment firm and the Swiss company had said they were in advanced talks for a deal in September, after Aryzta hired Rothschild & Co. in May to conduct a strategic review of its business.
Bloomberg News reported in August that besides Elliott, Aryzta had also attracted interest from private equity firms Apollo Global Management Inc. and Cerberus Capital Management, as well as Canadian grocery and baking giant George Weston Ltd., citing people familiar with the matter.
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