Levine Leichtman Terminates Its Offer to Purchase Fox & Hound Restaurant Group
February 02 2006 - 8:00AM
PR Newswire (US)
BEVERLY HILLS, Calif., Feb. 2 /PRNewswire/ -- Levine Leichtman
Capital Partners III, L.P. ("LLCP"), through F&H Finance Corp.
("F&H Finance"), its indirect wholly-owned subsidiary,
announced today that it is terminating its offer to purchase all of
the outstanding shares of Fox & Hound Restaurant Group
(NASDAQ:FOXX) ("Fox & Hound"). In addition, LLCP and F&H
Finance have terminated their merger agreement with Fox &
Hound. The termination of the offer and the merger agreement
occurred in connection with Fox & Hound's entering into a
merger agreement with Newcastle Partners, L.P. and Steel Partners
II, L.P. and certain of their affiliates for the acquisition of all
of the Company's outstanding stock. In accordance with the terms of
the LLCP merger agreement, Fox & Hound is paying Levine
Leichtman Capital Partners, Inc. a $5.0 million termination fee and
a $2.0 million expense reimbursement. All shares previously
tendered into LLCP's tender offer will be returned to tendering
shareholders, without expense to the tendering shareholders. Levine
Leichtman Capital Partners, Inc. ("Levine Leichtman") is a Los
Angeles, California private equity firm that was founded in 1984 by
Arthur E. Levine and Lauren B. Leichtman. Levine Leichtman manages
in excess of $1.1 billion of institutional investment capital
through private equity partnerships. Levine Leichtman has a highly
differentiated, multi-fund investment strategy focused on companies
with revenues between $50 million and $500 million. Levine
Leichtman is currently making new investments through Levine
Leichtman Capital Partners III, L.P. and Levine Leichtman Capital
Partners Deep Value Fund, L.P. Successful investments by Levine
Leichtman include Jon Douglas Real Estate Services Group, Inc.,
Consumer Portfolio Services, Inc., the Quizno's Corporation and
CiCi's Pizza, Inc. For further information, contact: Levine
Leichtman: Stephen J. Hogan, (310) 275-5335 D.F. King & Co.,
Inc.: Edward McCarthy, (212) 493-6952 First Call Analyst: FCMN
Contact: DATASOURCE: Levine Leichtman Capital Partners III, L.P.
CONTACT: Stephen J. Hogan of Levine Leichtman, +1-310-275-5335,
Edward McCarthy of D.F. King & Co., Inc. for Levine Leichtman,
+1-212-493-6952
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