| Investors wait for Tchenguiz’s next move in La Tasca bidding war
All eyes are on how Iranian entrepreneur Robert Tchenguiz and Icelandic bank Kaupthing will respond in their battle to buy casual dining chain La Tasca. Cafe Rouge and Bella Italia chain owner Tragus Group kept the bidding war between the two parties simmering by upping its offer for the business last week. Tragus, which already owns a third of La Tasca's share capital, on Friday (30 March) raised its offer from £96m to £99.7m, or the equivalent of 192p a share. It was forced to make its move after Tchenguiz and Kaupthing tabled £98.6m through Tchenguiz's investment vehicle R20, despite La Tasca's board already having recommended the original 185p-a-share offer from Tragus. The La Tasca board has again recommended that shareholders back Tragus, but as a PLC were Tchenguiz and Kaupthing to put more money on the table it would have to at least consider it in the interests of getting the best return for its shareholders.
Bids made for France's Club Internet-newspaper
PARIS, April 12 (Reuters) - Several groups have made bids for French Internet operator Club Internet which has been put up for sale by Deutsche Telecom (DTEGn.DE: Quote, Profile, Research), the La Tribune newspaper said on Thursday. It said rival operators Neuf Cegetel (NEUF.PA: Quote, Profile, Research) and Iliad (ILD.PA: Quote, Profile, Research) as well as Ypso had made bids last week. Ypso is made up of investment funds Cinven and Altice which own cable television and Internet operator Noos Numericable. The paper said the price for Club Internet, which has 600,000 ADSL clients, could be close to 500 million euros ($671.3 million). However, the paper said Club Internet made a 2006 operating loss of some 100 million euros on sales of 200 million euros due to heavy investments to deal with client growth.
Saturday's Best Bets: Raffles, auctions display artistry, benefit ...
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British Airways Considers Joining
LONDON -- British Airways PLC Monday said it has contacted private-equity groups about joining a consortium to bid for Iberia Lineas Aereas de Espana SA, but hasn't decided what to do with its 10% stake in the Spanish airline. The U.K. carrier said it wouldn't provide further capital for any offer Iberia bid and the consortium would likely include one or more Spanish partners aside from the private equity company. BA said it is ruling out an independent bid for Iberia and continues to examine numerous options for its holding including full disposal. At the end of March, Iberia got ... .
Tragus beaten in La Tasca bidding war by Tchenguiz
In a statement today La Tasca's board said given Tagus's decision not to increase its 192p per share bid for the company yesterday, it would be supporting the higher rival bid. La Tasca said: “The board of the company has considered its position and consequently withdrawn its recommendation. The implementation agreement with Tragus has therefore also been terminated." Property magnate Robert Tchenguiz upped the stakes in the bidding war for La Tasca with a 200p per share bid yesterday (4 April), made through his investment vehicle R20 in concert with Icelandic bank Kaupthing. It values the company, which has 58-restaurnats in the UK and four in the USA at £104.2m. Tragus initially started the bidding war by tabling an offer of 185p per share for the company at the end of March.
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