London-listed bakery chain Cake Box has received a takeover approach from privately owned Australian group The Cheesecake Shop.
Sky News reports The Cheesecake Shop has tabled a 160p/share proposal to buy the company.
According to City sources, the bid – which has not been publicly disclosed – was unlikely to gain support from the Cake Box board.
Cake Box trades from a 230-strong UK estate, run by CEO and co-founder Sukh Chamdal, and floated in London in 2018.
Last month, it reported full-year earnings had fallen by nearly a quarter, albeit softening inflation will “support margin progression over the medium term,” according to Sky News.
The Cheesecake Shop is owned by Melbourne-based private equity firm River Capital and trades from c225 stores.
