Thursday August 6, 2020

McGann to leave Aryzta if no takeover is agreed

As the Cuisine de France owner receives takeover approaches, its chairman says the company has engaged with activist investors but holds firm on board overhaul demands

Ian Guider

Markets Editor

20th July, 2020
Gary McGann, chairman of Aryzta, will step down as in September if no deal has been reached by then

The food giant Aryzta is evaluating a number of takeover bids as Gary McGann, the company’s chairman, said he would step down in an effort to diffuse a row with a group of shareholders.

Aryzta, which owns the Cuisine de France brand, said it received a number of unsolicited takeover approaches in recent weeks after it hired bankers at Rothschild to evaluate strategic options to maximise the value of its business.

The announcement...

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