Shares in AIM-listed restaurant chain
Yesterday, the company said that “certain members of its Board have made a preliminary approach seeking permission to explore the possibility of making an offer for the company.” This is widely believed to be the Kaye family, who founded the chain and retain 60% of it.
Prezzo said the company would form an independent committee of directors to assess any bids.
Last year Prezzo, which has 130 restaurants, saw EBITDA rise 25% to £13.6m on sales up 29% to £70.1m. That would suggest a putative deal value of £109m (US$218m) according to Dresdner Kleinwort’s calculations.