Dubai: Dubai-based Landmark Group, the biggest retailer in the Gulf, has made a £90.3 million bid to acquire Carluccio's Plc, the UK-based operator of a chain of Italian restaurants and cafes, the company said in an e-mailed statement.
"C1 Acquisitions Limited, a company formed at the direction of Landmark Group for the purposes of implementing this offer, today announced an offer to acquire the issued share capital of Carluccio's Plc for 142 pence per share," Bhuvana Acharya, Corporate Communications and CSR manager, Landmark Group, said in a statement.
"The offer has been recommended by the Board of Carluccios and C1 and Landmark hold or have received undertakings or letters of intent to accept the Offer from shareholders representing 36.5 per cent of Carluccio's issued share capital."
The offer made is 142p, a significant premium to the closing share price on 1st September 2010 (47.9 per cent) and 54.6 per cent to the average share price over the last 12 months —valuing at the fully diluted equity value at £90.3 million.
"We believe this offer provides significant value for all shareholders and has been fully recommended by the board," she said.
"Carluccio's is a business we know well, since we already operate the franchise business here in the Middle East under the Foodmark umbrella," Acharya said.
Carluccio's authentic Italian pasta dishes and desserts attract a largely upmarket clientele to 47 high street outlets throughout Britain. Antonio Carluccio no longer plays a role in the business but still advises on menus.
Landmark Group, owned by Mickey Jagthiani, billed as the richest non-resident Indian in the GCC, operates over 900 stores in 15 countries.
"We believe Carluccio's and its management team have created a strong brand and business over the last years. We recognise the opportunities the business has in the UK and also internationally. We look forward to supporting the management and working with them and the staff to take the business to the next level of growth," Acharya said.
Landmark are being advised by Rothschild and Carluccio's are being advised by Hawkpoint.
"Wealthy GCC companies like Landmark Group are well positioned to capitalise on the economic opportunities provided by the changing landscape. Acquisition could help many of them to become global players," said Jitendra Gianchandani, chairman & Managing Partner of Jitendra Consulting Group.
