The rebel shareholder group in Aryzta has threatened legal action against the company to ensure a planned EGM takes place on 16 September. Led by Swiss asset management firm Veraison and Madrid-based Cobas asset management, the rebel shareholders control a 20% stake in Aryzta and have vocally called for major changes at the bakery giant, including a shake-up of the Aryzta board and the removal of chair Gary McGann.

The sale of the company is now the apparent priority

Last week, McGann said he planned to step down as chair of the company but confirmed a number of takeover approaches had been made to Aryzta. Reacting to the news, the Veraison-led group of shareholders said they would block any deal that lacked transparency and said any takeover deal must be first approved by the new board elected in September.

“The sale of the company is now the apparent priority. This leads to unneeded confusion among employees, customers, suppliers and other stakeholders. Apparently, the chair and the board do not believe in the company’s future under their leadership,” said Veraison on behalf of the shareholder group.