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SPAIN - Permira set to acquire fast-food giant Telepizza

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Permira is set to acquire Spain's biggest pizza delivery chain in a EUR 572m deal according to reports in the Independent on Sunday. Permira was favoured by the board of Telepizza, which will be de-listed from the Madrid stock exchange as a result of the deal, even though CVC put in a bid which was EUR 60m higher. CVC's offer was made through rival fast-food company Grupo Zena and was rejected on the grounds of its hostility.

Ernst & Young advised Telepizza that a hostile bid would have "negative and unfavourable consequences" for shareholders and employees. Permira still faces competition from Portuguese restaurant Ibersol for Telepizza. The deal would be encouraging for Permira which opened a Madrid office two and a half years ago but have so far only managed to close two buyouts there.
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