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Fox & Hound Bid Lowered

WICHITA, KS-The $14.50-per-share bid was lowered from $14.75 after due diligence by the takeover group.

By Ian Ritter | Updated on December 20, 2005

WICHITA, KS-A group controlled by private equity firms New Castle Partners and Steel Partners II have lowered their bid for Fox & Hound Restaurant Group from $14.75 per share to $14.50 per share, or about $145.4 million. F&H Acquisition Corp. lowered it offer for the 82-unit chain from its original bid earlier this month after unrevealed revelations during due diligence, executives say.

Fox & Hound shares closed at just over $13.80 yesterday after opening around $14.40. Newcastle Partners claims to already own 836,049 shares of Fox & Hound.

Dallas-based Newcastle is currently in a $1.20-per-share bid to buy the 389-store Whitehall Jewellers. Steel Partners II, of New York City, counts among its investments a portion of investment firm BKF Capital Group.

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