The Caterer

Tragus ups offer for La Tasca

30 March 2007 by
Tragus ups offer for La Tasca

Tragus has moved swiftly to head off a counter bid for Spanish tapas chain La Tasca with a new, improved deal worth £99.7m.

Following a shock bid from property mogul Robert Tchenguiz and Icelandic bank Kaupthing on Thursday (29 March), which trumped Tragus's 185p per share offer, the Café Rouge owner has now upped its offer 7p to 192p per share.

Tragus, which had its original £96m offer recommended by La Tasca's directors, currently holds a third of the tapas chain's shares (33.05%).

If La Tasca's directors do switch their backing to any further bid from Tchenguiz and partners they will be required to pay Tragus a £958,000 inducement fee.

Tchenguiz had offered £98.6m through his investment vehicle R20. He had also stated that he wouldn't necessarily take La Tasca private and could maintain its public listing on the Alternative Investment Market.

Spanish to group to bid for La Tasca>>

La Tasca in talks to sell business>>

Tragus company profile>>

La Tasca company profile>>

By Chris Druce

E-mail your comments to Chris Druce]( ups La Tasca price) here.

Get your copy of Caterer and Hotelkeeper every week -

[Sudoku]( "A new puzzle every day!") Join the craze and play Sudoku online!
[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

Thank you

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