US foodservice operation Morton’s said yesterday [Monday] that Castle Harlan has upped its takeover bid.
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New York private equity fund Castle Harlan has offered US$13.50 per share for Morton’s, which operates 62 Morton’s of Chicago steakhouses and four Bertolini’s Authentic Trattorias across the US.
The deal was provisionally agreed in March, with the sale price at US$12.60 per share. That was followed by an independent bid from private investor Carl Icahn, who offered US$13.50.
Icahn’s bid did Morton’s a huge favour. Morton’s notified Castle Harlan of Icahn’s offer, and in response Castle Harlan matched Icahn’s bid and agreed to eliminate a closing condition that would have required Morton’s to achieve a minimum level of earnings.
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