Robert Tchenguiz has upped the stakes in the bidding war for Spanish tapas chain La Tasca with a 200p per share bid, made through his investment vehicle R20 and Icelandic bank Kaupthing, which values the company at £104.2m.
The price has edged up since Café Rouge owner Tragus, which already owns a third of La Tasca's share capital, made an initial offer of £96m on Wednesday 28 March and upped their bid to £99.7m on Friday 30 March.
Tragus was forced into a higher bid after Tchenguiz and Kaupthing tabled £98.6m through Tchenguiz's investment vehicle R20, despite La Tasca's board already having recommended the original 185p-a-share offer from the Blackstone Group owned Tragus.
R20 said that it, in conjunction with Kaupthing, had already purchased a 3.06 % stake in La Tasca at 200p per share this morning.
By Christopher Walton