Levine Leichtman made its original, $14-per-share offer in October. Then earlier this month private equity firms Newcastle Partners and Steel Partners II put in a competing bid at $14.75 per share.
After unrevealed factors during due diligence, Newcastle and Steel lowered their price to $14.50, but then earlier this week, the firms rose the figure to $15.50-per-share. (Newcastle Partners has claimed to already own 836,049 shares of Fox & Hound.)
Under the terms of Levine Leichtman's newest agreement, the firm has agreed to commence its tender offer for Fox & Hound shares no later than Jan. 6. Fox & Hound executives also say that they will not solicit other proposals, but the company can still terminate the transaction if it receives a superior offer.
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