Swiss frozen baked goods maker Aryzta AG said it is in advanced talks with private equity firm Elliott Advisors (UK) about a potential public tender offer for all the outstanding shares of Aryzta.
"There is no certainty that those discussions will result in any offer being made," Aryzta said in a statement.
Activist shareholders Veraison Capital and Cobas had pushed for a change in strategy at the Swiss company.
The company saw an 18% decline in revenue in July of this year, with monthly revenue in its Europe business down by around 20%.
