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MBO for mussels restaurant Leon de Bruxelles
PARIS, March 20 (Reuters) - Management and OFI Private Equity Capital on Thursday launched a friendly bid for mussels restaurant chain Leon de Bruxelles LEOB.PA at 10.9 euros per share, which values the firm at 64.9 milion euros ($100 million).
OFI has a 38.13 percent stake in the company and has teamed up with the restaurant group's chairman Jean-Louis Detry and chief executive Michel Morin.
Detry will sell his 22.52 percent stake to the new investment vehicle majority-owned by OFI, and Morin his 4.18 percent. Morin will re-invest the largest part of the funds in the vehicle.
OFI is also in exclusive talks with Pleiade Investissement to buy its 11.43 percent in Leon de Bruxelles.
It said the 10.9 euro per share price represented a 38.7 percent premium over the price of March 19.
The shares closed 3.8 percent lower on Thursday at 7.56 euros.
Leon de Bruxelles has 44 restaurants.
The firm reported 5.5 percent higher 2007 sales of 76.7 million euros, and unveiled a plan to open 5 new restaurants in France and its first international franchise, in Dubai, in 2008.
Leon de Bruxelles was listed in 1997.
(Reporting by Marcel Michelson; editing by Rory Channing)
