La Tasca recommends acceptance of offer by Tchenguiz led group

04/05/07 - newratings.com

LONDON, April 5 (newratings.com) – UK-based restaurant chain operator La Tasca Plc (LAT) Thursday announced that it had recommended to its shareholders the acceptance of the 200p per share cash offer from a consortium led by property magnate Robert Tchenguiz. The consortium had on Wednesday said it was raising its earlier announced 188p per share offer to 200p per share.

The terms of the offer made by the Tchenguiz led consortium were fair and reasonable, La Tasca stated. The offer topped a 192p per share rival bid from Tragus, a restaurant group owned by private equity firm Blackstone, La Tasca added. The UK company also mentioned that it had terminated the implementation agreement with Tragus. Meanwhile, Tragus, which had raised its offer from 185p per share to 192p per share, said on Wednesday that it had no intentions of raising its bid further.