Urbium announced this morning that it has selected a preferred party to carry out confirmatory diligence with a view to making an offer for the company. The group said that it had received a number of offers for the group, all of which were "significantly ahead" of the closing share price of 905p on 12 August The company did not name the party, reported in The Sunday Times to be private equity firm Electra Partners. Electra is said to have proposed a £10.75-a-share deal, valuing the Tiger Tiger bar group at £114m. But The Sunday Telegraph said only that the all-cash offer was "more than £10", valuing the group at "more than 100m". The buy-out firm reportedly wants to back the existing management team. Last month Regent Inns ended its discussions with Urbium, citing refusal by Urbium’s board to see its final 975 pence per share offer as representing a ‘full and fair’ price.