Levine Leichtman made its original, $14-per-share offer in October. Then earlier this month private equity firms Newcastle Partners and Steel Partners II put in a competing bid at $14.75 per share.
After unrevealed factors during due diligence, Newcastle and Steel lowered their price to $14.50, but then earlier this week, the firms rose the figure to $15.50-per-share. (Newcastle Partners has claimed to already own 836,049 shares of Fox & Hound.)
Under the terms of Levine Leichtman's newest agreement, the firm has agreed to commence its tender offer for Fox & Hound shares no later than Jan. 6. Fox & Hound executives also say that they will not solicit other proposals, but the company can still terminate the transaction if it receives a superior offer.
Los Angeles-based Levine Leichtman manages about $1.1 billion in institutional investment capital. Among its prior investments are CiCi's Pizza and Quizno's Corp.
The 82-unit Fox & Hound, which operates restaurants under the Fox and Hound English Pub and Bailey's Sports Grille names, opened two new units in its Q3. For the rest of the fiscal year, executives are planning two to three new restaurants and an additional 10 to 11 in its next fiscal year.
The average Fox and Hound or Bailey's unit is 9,600 sf. A majority of the company's restaurants are in the Midwest and Southeast.
Fox & Hound ended its Q3 on Sept. 7 and posted a 0.5% year-over-year same-store sales gain. Total revenues jumped 16.8%, to $36.7 million, while the company earned $156,000 during the quarter.
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