Aryzta: Restructuring Update, Pizza disposal, Elliott offer

Zurich / CH. (aag) On 01 December, Aryzta AG announced plans to restructure its business model into a multi-local, lean and agile structure (… the company says in a news release dated on 07 December). This new model will reduce complexity and overhead costs. As part of these restructuring plans, Aryzta announces that two members of the Executive Committee, Tony Murphy, Chief People Officer and John Heffernan, President and Chief Commercial Officer, Aryzta North America, have ceased their roles with immediate effect and will not be replaced. The Board would like to express its gratitude to both Tony and John for their contribution to Aryzta over the past three years. Aryzta also confirms the disposal of its North American take and bake pizza to Private Equity group Brynwood Partners. Aryzta also confirms that it has received a conditional offer from Elliott Advisors to purchase the entire share capital of the company at CHF 0.80 per share. Aryzta’s Board of Directors will carefully consider the offer in accordance with its fiduciary duties and processes in due time. Aryzta’s AGM takes place on December 15, 2020.