The boards of Papa Bidco Limited and Prezzo plc (PRZ.L) announced that they have agreed on the terms of a recommended cash acquisition pursuant to which Bidco, a newly-incorporated company indirectly owned by the TPG Funds, intends to acquire all of the issued and to be issued share capital of Prezzo.
Going by the terms of the Transaction, each Prezzo Shareholder will be entitled to receive 126.5 pence in cash for each Prezzo Share held, which values the entire issued and to be issued share capital of Prezzo, on a fully diluted basis, at about £303.7 million.
Commenting on the Transaction, Michael Carlton, Chairman of Prezzo, said, "Since the business was founded in 2000, the Kaye family and management have built Prezzo into a successful UK casual dining business with 249 restaurants. To continue to maximize the growth of the business, the Board has concluded that new skills, infrastructure and investment will be required and we are pleased to recommend the Bidco offer, which is in the interest of all shareholders."
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