The firm, which counts McDonalds and Subway among its customers, said its board will now proceed to select the optimum option to bring the company forward sustainably.

“All strategic options will be fully explored in the best interest of the business and all stakeholders,” Aryzta Chairman Urs Jordi said in a statement.

“This is an important step in the process to implement the necessary changes to deliver sustainable improvements in Aryzta, as mandated by the overwhelming shareholder endorsement at the EGM on 16 September.”

He added that plans fo the Cuisine de France owning company will be presented at the upcoming AGM which will scheduled soon.

Earlier this week, Swiss investment firm Veraison Capital, which holds 20% of Aryzta, called for the company to provide clarity on what was happening with the potential takeover offer from Elliot.

It said the fund needed to either put up or shut up.

Aryzta also postponed its AGM to give it more time to assess the options open to it.

The company has reportedly been approached by nearly 20 parties with an interest in parts of the group.

The ending of exclusive discussions with Elliot will allow potential talks to to place with them.

Urs Jordi, who was voted in as chairman of Aryzta at the extraordinary general meeting last month, stated then that it was was the worst time for a sale to take place.

Aryzta has struggled to turn its performance around in recent years, with its troubled North American business acting as a drag on its finances.