The potential offer from Elliott at an indicative price of 0.80 francs per share would value the company at 793 million Swiss francs ($871.81 million), according to Refinitiv data.
Aryzta's shares closed at 0.6645 francs on Friday.
In a short statement, the Cuisine de France-owner highlighted that it 'concluded the discussions' with Elliott on October 24, 2020.
The bakery firm also noted that it previously announced the appointment of financial advisors for asset disposals.
'The Board, in line with its fiduciary duties, will consider all alternatives and select the optimum option for a sustainable future for the company," it added.
© 2020 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.