U.S. Hedge Fund Elliott Management has made a firm offer to Arista, and has provided financial support to clients from a number of lenders. Bloomberg reports that the board of the Swiss-Irish Food Group has been pressured to pay $ 734 million to shareholders for the auction.

The investment firm, run by US billionaire Paul Singer, made the offer on Saturday. An initial non-binding proposal of 0.80 Swiss francs per share valued Arista at 794 million Swiss francs ($ 734 million).

According to Bloomberg sources, the offer is being funded by seven banks.

Here Arista, who owns the Cooking de France label and supplies buns to McDonald’s, ended talks with Elliott in October and worked with advisers to investigate the use of the assets.

When offering an offer, Elliott urges Arista’s board to discuss this proposal with investors. A representative of Elliott declined to comment. Bloomberg said Arista’s external spokesman did not answer phone calls and did not respond to a request for comment.

The move provides further impetus for a move that unexpectedly went awry when Chief Executive Kevin Tolland abruptly left the company last month.

Urs Jordi, who recently took over as chairman, has publicly stated that he does not want to sell. The company, once valued at more than $ 7 billion, has lost more than 90 percent of its value since 2014. Aristotle owns 26 percent of a pair of disgruntled shareholders and has been heading for a turning point for years. – Bloomberg