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.

Cobas Asset Management, Aryzta’s largest shareholder, will not sell its shares to Elliott

Aryzta publicly rebuffed the proposal stating Elliott had not met some key conditions for a takeover, including agreeing a refinancing deal with Aryzta lenders for the company’s €1bn in debts.

Additionally, it is understood that Cobas Asset Management, Aryzta’s largest shareholder, will not sell its shares to Elliott and has urged the Aryzta board to continue its mandate from the September EGM and begin to sell off non-performing assets to deleverage the company.

Despite these rebuffs, Elliott believes it can get agreement from banks on refinancing Aryzta’s debt and is eager to table a takeover offer before Aryzta holds its AGM in December. The upcoming AGM will result in significant changes to the Aryzta board that will make it difficult for Elliott to advance takeover talks.

Separately, Aryzta announced last week that Kevin Toland is no longer chief executive of the company. Toland stood down as Aryzta CEO with immediate effect last Thursday with current chair of the board, Urs Jordi, stepping in as interim CEO of the bakery giant.