Restaurant group Paramount is in talks with executive chairman Guy Naggar that could lead to a £28m buyout, it has been confirmed today.
In a statement to the London Stock Exchange, Craftbutton, the company owned by Naggar and business associate Peter Klimt, said it was in discussions with Paramount that could lead to a 35p-a-share offer being made for the company.
Paramount, which owns Groupe Chez Gérard, admitted back in July that Naggar and Klimt were working on a possible bid.
Should a bid be forthcoming, as appears likely, Naggar should have a relatively clear run.
Craftbutton already owns 25.01% of Paramount's share capital and has the backing of shareholders controlling a total of 40.78% of the company.
by Nic Paton
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