Billionaire Micky Jagtiani’s Landmark Group Inc. Agrees to Purchase Carluccio’s Plc, Transaction Val

From: investinuk
Published: Mon Sep 06 2010

The transaction will see Landmark Group Inc remit 90.3 million pounds for the UK firm. Landmark Group is owned by Billionaire Micky Jagtiani, and the deal marks an important move for the firm in the UK, said Landmark. With the announcement of the deal, shares of Carluccio went up in trading by around 45 per cent. The London based Carluccio as well reported that it had accepted a takeover offer from the Dubai based Landmark Group Inc. The accepted terms were pegged at 142 pence per share cash offer, said Carluccio. Currently, Landmark Group Inc owns 5.1 per cent stake in the UK firm.

However, Carluccio’s shareholders, owning about 31.4 per cent of the firm, have also agreed to the sell after voting to accept the bid. Landmark Group Inc is undertaking the Carluccio acquisition through its C1 Acquisitions Ltd. In a statement Thursday, Jagtiani said it was encouraged by Carluccio’s resilient performance during a turbulent economic recession period to undertake its acquisition. Further to that, the firm added that it is confident that Carluccio will gain from the more favorable macro trends in the coming days, a motive for its acquisition. Carluccio’s shares were up 43 pence, or 45 percent, to 139 pence as of 2:18 p.m. in London trading Thursday. Carluccio’s caffè aims to provide great quality, authentic Italian food at sensible prices. The firm boasts of informal but excellent service to its customers. Other than that, the firm as well boasts of authentic and memorable experiences with its bustling business environment.

The management of Carluccio's, which serves Italian food, has recommended that its shareholders accept the cash takeover from Landmark investment vehicle C1 Acquisitions, a statement said. The firm, which floated on the London stock market in 2005, has 47 restaurants and food stores in Britain. Its founder continues to work with the group on menu development and chef training. According to Carluccio’s director, David Bernstein, the acquisition marks a unique opportunity for all of the firm’s investors. He reiterated that its shareholders will get an attractive premium, in cash, even as the firm survives the continuing macro-economic uncertainty, he said.

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