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Hadleyss 14/12/20 16:30
Ha respondido al tema Cobas AM: Nueva Gestora de Francisco García Paramés
Mañana es la AGM de Aryzta.. a ver qué pasa. De momento los mismos tres meses del nuevo Board y equipo de dirección me generan algo de ilusión. - Se han cargado al CEO. El año pasado cobró 4,5MM CHF. No sé lo que cobrará el nuevo CEO, pero tanto supongo que no. - Se han cargado tres ejecutivos TOP, que si cada uno costaba a la empresa 500k CHF (fácil..). Es otro ahorro de 1,5MM. Solo con echar a estos 4 tíos, es un ahorro de 6MM de CHF/año.. Si valoramos la empresa en EBITDA x8... Hablamos de generar 48MM de valor, sobre una empresa que capitaliza 650MM. No está mal.- También han vendido el negocio de pizzas. No dieron detalles de la operación, espero que mañana lo hagan... pero según analistas supone unos 200MM $ en ventas, 25% del negocio USA, con un EBITDA próximo a cero y poca generación de caja.  Aquí está la Fuente.Si con esto consiguen enmedar el EBIDTA margin hasta niveles del 10-12%, que no olvidemos era la tesis inicial de FGP (recuperar el margen USA..). El mercado puede empezar a creer en el turnaround.Deseando ver qué nos cuenta mañana el nuevo consejo.  
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Hadleyss 06/12/20 10:31
Ha respondido al tema Cobas AM: Nueva Gestora de Francisco García Paramés
Ayer se publicó en Bloomberg que Elliot iba a lanzar una OPA vinculante...Elliott Is Said to Make Binding Offer for Swiss Baker Aryzta Elliott Management Corp. made a firm offer for Aryzta AG and has financing from several lenders for the deal, putting pressure on the Swiss baker’s board to take its $890 million bid to shareholders, according to people familiar with the matter.Paul Singer’s investment firm tabled its offer Saturday at the same level as the initial proposal of 0.80 francs per share that values the target at about 794 million francs. The offer has financing in place from seven banks, said the people, who declined to be identified because the information isn’t public.Aryzta, which supplies buns to McDonald’s and makes Otis Spunkmeyer cookies, ended negotiations with Elliott in October and has been working with advisers to explore asset disposals. In making a binding offer, Elliott is pushing Aryzta’s board to discuss the proposal with investors.A representative for Elliott declined to comment. An external spokesman for Aryzta didn’t reply to phone calls and an internal spokesman didn’t reply to emails seeking comment.The move adds further impetus to a saga that took an unexpected twist last month when Chief Executive Officer Kevin Toland abruptly left the company. Urs Jordi, recently installed as chairman, has publicly said he doesn’t want to sell.The firm, once worth more than $9 billion, has lost over 90% of its value since 2014. A pair of disgruntled shareholders own a combined 26% of Aryzta and have been pushing for a turnaround for years.Aryzta shares rose 7.3% on Friday in Zurich to 0.7245 franc. https://www.bloomberg.com/news/articles/2020-12-05/elliott-is-said-to-make-binding-offer-for-swiss-baker-arzyta
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Hadleyss 23/11/20 08:30
Ha respondido al tema Cobas AM: Nueva Gestora de Francisco García Paramés
Acaban de mandar el comunicado, por fin..: Schlieren/Switzerland, 23 November 2020 ARYZTA notes the statement made this morning by Elliott Advisors (UK) Limited (Elliott). ARYZTA confirms that it has received a non-binding letter from Elliott in which they proposed making an offer at CHF 0.80 per share, subject to certain conditions, some of which cannot be satisfied as a matter of fact, and to Elliott being able to secure refinancing for ARYZTA. As previously mentioned, ARYZTA concluded the discussions with Elliott on October 24, 2020. ARYZTA previously announced the appointment of financial advisors for asset disposals and the Board, in line with its fiduciary duties, will consider all alternatives and select the optimum option for a sustainable future for the company 
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Hadleyss 23/11/20 07:16
Ha respondido al tema Cobas AM: Nueva Gestora de Francisco García Paramés
Elliot confirma los rumores de oferta que lanzó al Board y asegura que la financiación la tiene asegurada:ELLIOTT STATEMENT ON ARYZTABy Business Wire -November 23, 20206 0Reading Time: 2 minutesLONDON–(BUSINESS WIRE)–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 ElliottElliott 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.ContactsLondonSarah Rajani CFAElliott Advisors (UK) LimitedT: +44 (0)20 3009 [email protected] Meier-PfisterIRFT: +41 43 244 81 40M: +41 79 200 85 [email protected] HickeyPowerscourtT: +353 (0)1 536 0683M: +353 (0)83 448 [email protected]
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Hadleyss 20/11/20 13:46
Ha respondido al tema Cobas AM: Nueva Gestora de Francisco García Paramés
Se supone que han presentado la misma oferta que presentó al Board actual hace una semanas. El Board rechazó la oferta y terminaron las conversaciones. La vuelve a presentar sabiendo que el Board va a decir que no.. Pero le mete presión y urgencia. Guerra absoluta.
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Hadleyss 20/11/20 12:54
Ha respondido al tema Cobas AM: Nueva Gestora de Francisco García Paramés
Parece que el fondo que tiene los híbridos y un 3% también están de lado de Cobas/Veraison.Efectivamente, la empresa está dividida. Ya lo estaba en los tiempos de la ampliación de capital.. donde ganó la AK 55% vs 45%.
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