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Elliott Statement on ARYZTA

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Elliott Advisors (UK) Limited (“Elliott” or “we”) notes the press speculation regarding a potential offer for ARYZTA AG (the “Company”) and issues the following clarification.

Elliott confirms that on Wednesday November 18th 2020 it made a proposal to the Board of Directors of the Company to potentially acquire all of the outstanding shares of ARYZTA AG for an indicative price of CHF 0.80 per share. This followed several months of work conducted with the support of the Company and its Board of Directors, both before and after the Extraordinary General Meeting on September 16th 2020. We also note press speculation regarding the financing for such an acquisition and the refinancing of the Company. We confirm that the financing of the potential offer is available and that refinancing arrangements for the Company’s existing debt are at a very advanced stage. We require the Board of Directors’ recommendation of our potential offer and the Company’s support to finalise our refinancing arrangements.

The public tender offer would be subject to customary offer conditions to be specified by Elliott. The information contained in this statement is neither an offer to purchase shares in ARYZTA AG nor a solicitation of an offer to sell ARYZTA AG shares or any other securities of ARYZTA AG nor does it constitute a public tender offer with respect to any ARYZTA AG shares or any other ARYZTA AG securities.

About Elliott

Elliott Management Corporation manages approximately $41 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.

Contact information

London
Sarah Rajani CFA
Elliott Advisors (UK) Limited
T: +44 (0)20 3009 1475
srajani@elliottadvisors.co.uk

Switzerland
Martin Meier-Pfister
IRF
T: +41 43 244 81 40
M: +41 79 200 85 00
meier-pfister@irf-reputation.ch

Ireland
Jack Hickey
Powerscourt
T: +353 (0)1 536 0683
M: +353 (0)83 448 8339
jack.hickey@powerscourt-group.com

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