Permira is back in the fray for Telepizza

Permira is back on top again in the ongoing war for Telepizza the Spanish pizza delivery firm. Foodco Pastries has raised its offer for Telepizza to €3.21 per share. Foodco Pastries is the bid vehicle of Permira and Carbal’s management buyout. The vehicle is also bidding €32.80 per convertible bond, with an additional payment of up to €0.25 per bond.

Market regulator the Comision Nacional del Mercado de Valores said that two counter-bidders had also raised their offers, although by less.

Food Service Project, the bid vehicle of CVC and Spanish restaurants company Grupo Zena, has submitted a bid of €2.77 per share. It is also offering €28.31 per convertible bond, with an additional payment of up to €0.25 per bond.

Meanwhile, Vidisco, the bid vehicle of Ibersol, raised its offer to €2.51 per share and €25.65 per convertible bond, with an additional payment of up to €0.25 per bond.

Before the sealed bids round, Foodco Pastries had offered €2.15 per share, Food Service Project €2.40 and Vidisco €2.41. Under the Spanish takeover code, the sealed-bids round is the last opportunity for bidders to present their best offers.