CITY A.M. reports that offers of up to £316 million have been received for Italian food chain Prezzo, as confirmed by Prezzo itself.
Unsurprisingly, Prezzo’s share price jumped on the news, and now fully reflects the rumoured £316 million, leaving little room for further upside unless a serious bidding battle takes place.
The preliminary proposals are said to have come from private equity investment firms Advent
International and TPG Capital. And Prezzo is therefore now subject to an ‘offer period’ under the UK takeover code, with Advent and TPG allowed until 30 October to make a firm offer or walk away.
Earlier this week, Tragus Group announced that it was selling the Strada restaurant chain to Hugh Osmond’s Sun Capital Partners for £37m, the latest confirmed activity in the thriving UK restaurant sector.