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.