Signature buyout moves closer
14 November 2002 by David Shrimpton
Luke Johnson, chairman of Signature Restaurants, which owns the Belgo chain as well as top London restaurants the Ivy and Le Caprice, yesterday moved a step closer to taking the company private.
Pinco, the investment vehicle formed by Johnson last month to launch the buyout, announced yesterday that he had secured acceptances from shareholders representing 50% of Signature's shares.
The £24.7m offer has now been extended until 20 November.
But the bid is still being blocked by rival restaurateur Giuliano Lotto, who controls a 30% stake. He could still launch a higher counter-bid.
