Wednesday September 23, 2020

Aryzta sale is ‘more realistic’ outcome for company, say analysts

Shareholders to vote tomorrow on a raft of board changes after proposed new chairman withdraws candidacy

Barry J Whyte

Chief Feature Writer

15th September, 2020
Garry McGann, the outgoing chairman of Aryzta: Andreas Schmidt, who was the board’s choice to replace has withdrawn his candidacy. Picture: Sam Boal/

The takeover of Aryzta by Elliot Management, the American hedge fund, is a “more realistic” outcome than a slow turnaround by activist investors, according to analysts.

The view, published today by analysts from German bank Baader Helvea, comes on the news that Andreas Schmidt, who was the board’s choice as new chairman to replace Gary McGann, has withdrawn his candidacy ahead of tomorrow’s extraordinary general meeting.

Aryzta, which has...

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