Tragus beaten in La Tasca bidding war by Tchenguiz

05 April 2007 by
Tragus beaten in La Tasca bidding war by Tchenguiz

Café Rouge owner Tragus has lost the race to secure tapas chain La Tasca.

In a statement today La Tasca's board said given Tagus's decision not to increase its 192p per share bid for the company yesterday, it would be supporting the higher rival bid.

La Tasca said: "The board of the company has considered its position and consequently withdrawn its recommendation. The implementation agreement with Tragus has therefore also been terminated."

Property magnate Robert Tchenguiz upped the stakes in the bidding war for La Tasca with a 200p per share bid yesterday (4 April), made through his investment vehicle R20 in concert with Icelandic bank Kaupthing.

It values the company, which has 58-restaurnats in the UK and four in the USA at £104.2m.

Tragus initially started the bidding war by tabling an offer of 185p per share for the company at the end of March.

This valued the company at £96m and won approval from La Tasca's board members.

Tragus, which currently holds a 6.88% stake in La Tasca, is in line for compensation of £958,000, called an inducement fee, now its previously recommended offer has been ditched.

Investors wait for Tchenguiz's next move in La Tasca bidding war >>

Tragus ups offer for La Tasca >>

Tchenguiz trumps Tragus bid for La Tasca >>

By Chris Druce

E-mail your comments to Chris Druce here.

The Caterer Blog]( Catch up with more news and gossip on the Caterer Blog here
[Newswire For the latest hospitality news, sign up for our e-mail news alerts.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking