Benzinga | Dec 5, 2020 02:29PM EST

Elliott Management Makes New $890M Push To Buy McDonald's Supplier Aryzta: Bloomberg

Elliott Management Corp. is putting renewed pressure on Swiss baking company Aryzta AG (OTC:ARZTY) to sell.

What Happened The activist investor firm run by Paul Singer has made a firm offer and secured financing from seven banks, Bloomberg reported today, citing people familiar with the matter.

The $890 million bid puts pressure on the board to take the offer to shareholders.

The Swiss company makes the Otis Spunkmeyer line of cookies and is a supplier to McDonald's Corp (NYSE:MCD).

Why It Matters Some major shareholders have been pushing for a turnaround for years, as Aryzta has lost 90% of its value since 2014, according to Bloomberg. The company ended negotiations with Elliott in October, and its chairman has said he doesn't want to sell.

The company's CEO left in November.