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.