Billionaire Micky Jagtiani’s Landmark Group Inc agreed to buy Carluccio's in a transaction valuing the UK operator of Italian restaurants and food stores at 90.3 million pounds ($138.9m).
Carluccio’s shares surged as much as 45 percent after the London-based company said it accepted the terms of a 142 pence- a-share cash offer.
Landmark, based in Dubai, already holds a 5.1 percent stake, and shareholders owning another 31.4 percent have committed to accept the bid. The offer is being made by Landmark unit C1 Acquisitions Ltd.
“We are encouraged by Carluccio’s resilient performance during a turbulent economic period and are confident that Carluccio’s should benefit from more favorable macro trends in the future,” Jagtiani [ see image ] said in a statement on Thursday.
Carluccio’s was up 43 pence, or 45 percent, to 139 pence as of 2:18 p.m. in London trading. (Bloomberg)
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