Elliott Advisors Statement on ARYZTAJacob Wolinsky
LONDON–(BUSINESS WIRE)–Elliott Advisors (UK) Limited (“Elliott” or “we”) notes speculation in the market regarding a media release ARYZTA AG (“ARYZTA”) has published this morning. ARYZTA has stated that it has received a conditional offer from Elliott.
The fulfilment of the two conditions to Elliott’s offer is within the full control of the Board of Directors of ARYZTA. The two conditions to the offer are that: (i) the Board of Directors recommends or takes a neutral position on Elliott’s offer; and (ii) the Company enters into a transaction agreement with Elliott as is standard in such transactions. The transaction agreement was negotiated with ARYZTA in October 2020 and is in near-final form. The postponement of the annual general meeting of ARYZTA is not a condition to the offer to ARYZTA’s Board of Directors.
The public tender offer for all publicly held shares in ARYZTA would be subject to customary offer conditions which were also negotiated with ARYZTA in October 2020.
Elliott looks forward to receiving a response from ARYZTA’s Board of Directors.
The information contained in this statement is neither an offer to purchase shares in ARYZTA nor a solicitation of an offer to sell ARYZTA shares or any other securities of ARYZTA nor does it constitute a public tender offer with respect to any ARYZTA shares or any other ARYZTA securities.
Elliott Management Corporation manages approximately $41 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.