U.S. hedge fund Elliott Management Corp is exploring a bid for Switzerland-based baking company Aryzta AG, Bloomberg News reported on Friday, citing people familiar with the matter.
Elliott has been studying a potential offer for Aryzta, according to the report.
The deliberations are at an early stage, and there is no certainty Elliott will proceed with a formal offer, Bloomberg News said.
Bloomberg last month reported the baked goods company was attracting interest from potential private equity bidders including Apollo Global Management Inc and Cerberus Capital Management, as well as Canadian grocery and baking giant George Weston Ltd.
Aryzta, which makes McDonald’s hamburger buns and Otis Spunkmeyer cookies, appointed Rothschild & Co in May to review its strategic and financial options.
Elliott declined to comment, while Aryzta did not immediately respond to a Reuters request for comment.
Source: Reuters.com