Lightflower bid for Urbium made unconditional

Lightflower Acquisition has had its £113m cash offer for Tiger Tiger operator Urbium declared unconditional.

Lightflower, an investment vehicle set up by private equity group Electra Partners for the purpose of the deal, will pay £10.75 per share, as revealed in Caterer in August.

A spokesman for Electra Partners said: "Urbium provides an excellent opportunity to acquire a high-quality portfolio of assets and back a top-class management team to continue to grow the business organically and by further acquisition."

The existing Urbium senior management team will remain in place. However, the new owners intend to take the company private delisting form the Alternative Investment market on 16 November.

The bidding war for Urbium began in August after pub and bar group Regent Inns tabled a rejected bid of 975p per share in July.

By Kerstin Kuhn

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