According to Bloomberg, an offer of 0.80 Swiss francs per share was made for the Swiss and Dublin listed group.

That was at the same level as the initial non-binding proposal that was made to the board last month.

Aryzta said at the time that negotiations with Elliott had ended in October and it was exploring asset disposals.

In making a binding offer, Elliott is pushing the board to discuss the proposal with investors.

The offer values Aryzta, which owns the Cuisine de France range here and supplies buns to McDonald’s, at €734 million.

Last week, an institutional shareholder in Aryzta called on board to reject approaches from Elliott, describing its then non-binding offer as ‘highly opportunistic.’

Lodbrok Capital, which holds around 4% of the share capital and about 29% of the total outstanding hybrid debt in Aryzta, said Elliott’s offer of 0.80 Swiss Francs “grossly undervalues a re-focused and deleveraged Aryzta.”