Cakebox Holdings, the London-listed bakery chain, has received a takeover approach from a privately held Australian group.
The Cheesecake Shop has made a 160p-a-share offer to buy the British company, Sky News has learned.
City sources said the bid, which has not been publicly disclosed, was unlikely to win support from the Kickbox board.
It was unclear Wednesday evening whether any talks between the two companies were ongoing.
Cakebox trades from around 230 stores across the UK, and traded at 108p-a-share in London in 2018.
However, it faced an audit crisis in 2022 after admitting to “inconsistencies” in its financial reporting.
Last month, the company said full-year earnings before interest, tax, depreciation and amortization (EBITDA) fell by almost a quarter, adding that inflation was starting to soften “which should support margin growth over the medium term”.
The company is being run by Sukh Chamdal, its chief executive and co-founder.
Shares in Cakebox closed at 150p on Wednesday, down about a fifth over the past year, and sharply down from their post-IPO peak.
The Cheesecake Shop is owned by Melbourne-based private equity firm River Capital, and trades from around 225 stores, according to its website.
A Cakebox spokesperson declined to comment.
Source by [Sky News]
