Tragus Bibco will not be increasing their 192p per share offer for Spanish restaurant chain La Tasca in the light of this morning's offer from Robert Tchenguiz leaving the winning bid in the hands of shareholders.
Tchenguiz upped the stakes in the bidding war for 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, who already own 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 they, in conjunction with Kaupthing, had already purchased a 3.06 % stake in La Tasca at 200p per share this morning.
Tragus owned 6.88 % of La Tasca's issued share capital.
By Christopher Walton