ZURICH, SWITZERLAND — Aryzta AG, which earlier this week announced plans to acquire Fresh Start Bakeries and Great Kitchens, Inc., said it has raised $120 million through a placing of 3,312,290 new shares at 41.50 Swiss francs ($36.09) per share.

With the placing, Aryzta said it now will pay $880 million in cash and up to $20 million in Aryzta shares to acquire Fresh Start Bakeries. Aryzta previously said it would acquire Fresh Start for $900 million, of which up to $140 million could be in its shares.

The company said the $20 million equity consideration will facilitate certain Fresh Start management who are currently Fresh Start shareholders and want to retain a portion of their equity interest.

Aryzta said the shares will be issued out of its authorized share capital under the exclusion of pre-emptive rights and represent 4.08% of its registered share capital prior to this capital increase.