Aryzta is cancelling its secondary listing on Euronext Dublin. The board of the Swiss-Irish food group said it made the decision “after careful review”.
The board said fewer than 4pc of the shares outstanding in Aryzta, which traces its roots back to IAWS, are currently listed on Euronext Dublin. It also cited low liquidity in the Irish listing compared to the main Swiss Stock Exchange (SIX) listing.
In addition, it examined the benefits of having a single compliance and regulatory body, as well as the overall board objective to simplify the group and reduce central costs.
Aryzta said it will communicate further details to CDI holders on maintaining their interest in the company’s shares. It added that CDI holders do not need to take any immediate action until they receive further communication from the group.
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Aryzta has rejected a bid for the company by US hedge fund Elliott Management after careful review and a unanimous decision by the board, the company has confirmed.
The board also issued a strategic update confirming plans to restructure the business by disposing of its North American and Latin American units and to cut 25pc from the overall cost base.
The news may put an end to months of drama at the embattled Swiss-Irish baked goods company, where a revolt by activist shareholders ousted chairman Gary McGann and CEO Kevin Toland after years o f underperformance.
The binding offer from Elliott, which valued the Aryzta at €734m, was submitted two weeks ago and ahead of the company s AGM. It immediately met with opposition from shareholders despite reported backing from several of Aryzta s lenders, who had agreed to finance the offer.
In mid-September Veraison’s stake in Aryzta had increased to almost 10pc. It has now fallen to 4.46pc.
Veraison yesterday said: “The engagement has developed very positively since the position was built up in March 2020, with a performance of over 100pc.”
The fund said was “pleased” about the “significant strengthening” of the board at Aryzta’s AGM earlier this week and “the good progress regarding the strategy implementation”.
“As a result of such progress, the Veraison SICAV Engagement Fund has reduced the shareholding,” Veraison said.
It added that it is “not participating in the speculation about a possible takeover”.
Verasion - alongside Spain s Cobas - led the campaign to unseat a swathe of the Aryzta board, including Gary McGann and Kevin Toland.