Ailing Swiss Baker Aryzta Gets Unsolicited Takeover Interest

(Bloomberg) -- Aryzta AG has received unsolicited takeover interest from unnamed entities, the latest twist as Chief Executive Officer Kevin Toland tries to turn around the Swiss baker.

The company will hold an extraordinary shareholder meeting in September, according to a letter to investors on Monday. The move comes in response to an activist shareholder group led by asset manager Veraison, which wanted an EGM to replace board members.

CEO Toland, who took office in 2017, has sought to reduce the company’s debt, though the plan took longer than anticipated. Aryzta announced a strategic review in May and hired Rothschild & Co. to review its options.

The EGM will take place on Sept. 16, which will allow the strategic review and assessment of any possible offer from third parties to be sufficiently advanced for the board to make an appropriate recommendation.

©2020 Bloomberg L.P.