Prezzo's (PRZ) board has supported a cash offer from private equity business TPG Capital to buy the Aim-listed restaurant group for 126.5p a share, which values the company at £303.7m.
IC TIP:
Hold
at
124p
Chairman Michael Carlton said new skills, infrastructure and investment were needed to maximise growth - something TPG could offer. But investors may be surprised at what could be considered a low-ball bid from TPG: the 126.5p offer price is a significant discount to Prezzo's 135p share price at the close of business on 1 October - the day it was announced that TPG was looking to acquire the company.
The news came as Advent International, another private equity firm that was in the running to acquire Prezzo, announced it would not be making an offer.
