Elliott Advisors, a US-based private equity fund, has launched a last-gasp effort to try to land a takeover deal for speciality bakery company Aryzta. On Monday, it emerged that Elliott had put forward a takeover proposal of almost €0.75 per share to buy Aryzta, which would value Aryzta at close to €735m.

This offer represents a 35% premium on where Aryzta’s share price has traded since August. However, Elliott’s proposal was a non-binding offer, meaning it did not have to be put to Aryzta shareholders.