Speciality bakery giant Aryzta has confirmed it has received a takeover offer from a third party and said it will hold a shareholder emergency general meeting (EGM) on 16 September. In a letter to shareholders on Monday, Aryzta chair Gary McGann said certain third parties had expressed an “unsolicited interest in acquiring the company’s entire issued share capital”.

“The proposed timing of the EGM is primarily intended to provide the opportunity to allow the strategic review process, and the assessment of any possible offer which may be forthcoming from third parties in connection with that process, to be sufficiently advanced to enable the Board to frame an appropriate recommendation (with the advice of its financial advisors),” McGann said in his letter to shareholders.

McGann also announced his intention to retire as chair of Aryzta in September. The former CEO of Smurfit Kappa has been under increasing pressure from a significant cohort of shareholders who have been actively pushing for his removal, along with the removal of four other board members.

Alongside McGann, Aryzta board members Dan Flinter and Rolf Watter have said they will also resign their positions from the Aryzta board.

Irish dairy co-ops like Arrabawn, Aurivo, Centenary Thurles, Dairygold, Kerry Co-op and Tipperary Co-op still hold a significant number of Aryzta shares between them. Combined, Irish dairy co-op are thought to hold in the region of 1% to 2% of the shares in Aryzta.