Carluccio's agrees 142p a share bid
02 Sep 2010
Italian restaurant chain Carluccio's has agreed a bid from C1 Acquisitions, the bid vehicle of Dubai-based Landmark Group.
C1 is offering 142p a share for Carluccio's, which values it at £90.3m. Management is rolling over its stake and options in Carluccio's into a 17.2% stake in C1, plus £1.4m of loan notes.
Landmark already owns 5.1% of Carluccio's, which operates 47 restaurants in the UK and has four franchised restaurants outside of the UK.
Carluccio's joined AIM on 14 December 2005. It was valued at £53.6m at the placing price of 94.5p a share. Brokers' are forecasting profits of around £5m for the year to September 2010.
Landmark is a retail and hospitality group and it holds the franchise for the three Carluccio's restaurants in Dubai.
