UK - Blackstone's Tragus out of La Tasca bidding

Blackstone portfolio company Tragus, the owner of the Bella Italia and Cafe Rouge restaurant chains has announced that it will not launch another bid for La Tasca. The AIM-listed 70-site strong Spanish restaurant chain has been the subject of a bidding war between Tragus and a consortium led by property entrepeneur Robert Tchenguiz with Icelandic bank Kaupthing. The Tchenguiz-team appears to have won the asset after offering £104.2m to delist it, compared to Tragus' last bid of £99.7m.