Café Rouge owner Tragus has made a £96m cash offer for UK-owned Spanish tapas chain La Tasca, ending months of speculation.
The proposal, recommended by La Tasca’s directors, value each La Tasca share at 185p.
It represents a 12% premium on the 165p price La Tasca shares closed at on 7 February, the last day of trading before commencement of the offer period.
The price values La Tasca’s shares 68% higher than when the company floated on the Alternative Investment market in February 2005.
Graham Turner, chief executive of Tragus, said: “La Tasca will be an excellent addition to the Tragus Group and we are looking forward to fully integrating and developing the business further.”
La Tasca has 58 restaurants in the UK and four in the US. If approved the deal would give Tragus more than 240 eateries, operating under the Café Rouge, Bella Italia, Ortega, La Tasca, La Viña and Sam and Maxie’s brands.
The deal requires shareholder approval and the sanction of the High Court.
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By Chris Druce
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