GI Partners has raised its bid for high street bar group Yates, saving its proposed management buyout from the brink of collapse.
The private equity group is backing the buyout and raised its offer following pressure from a group of family shareholders including former chairman Peter Dickson.
The family, which controls 20% of the shares, accepted the offer of 147p a share (up from 140p), or £98.4m.
This means GI’s holding will exceed 50%, giving it effective control of the company.
Financial Times 24/07/04 page M5 (Money & Business)
The Daily Telegraph 24/07/04 page 31 (Business News), page 35 (The Week, Business News)
The Times page 58 (Business), page 59 (Need To Know, Business), page 60 (Briefing, Business)
