Case 5. Group Bon Appetit PLC Background
Last year, Group Bon Appetit PLC acquired Innovia Cafes after a bitterly fought takeover battle. Bon Appetit won by offering Innovia’s shareholders 20% over the market price for their shares. At the time, Bon Appetit stated: ‘Our objective is to double our business within the next five years’.
Shortly after the takeover, the group’s share price reached a peak of almost 400 pence. But then it began to decline dramatically to a low of less than 50 pence. Recently it has risen to 80 pence because of strong interest from a powerful predator, the restaurant chain Icarus. Group Bon Appetit: Key facts
Three restaurant chains in London and South East England
• Bon Appetit 22 restaurants
• The Seashell 10 restaurants
• Innovia Cafes 16 cafes
Planning a nationwide expansion
• 10 new restaurants next year
• A further 20 within the next three years

-------------------------------------------------
Innovia Cafes * -------------------------------------------------
All income groups, all ages, family-orientated clientele * -------------------------------------------------
Good food and drink at affordable prices * -------------------------------------------------
£5-£10 per person
-------------------------------------------------
The Seashell * -------------------------------------------------
Middle-income groups, 25-60 year olds, mixed clientele * -------------------------------------------------
Seafood a speciality * -------------------------------------------------
£15-£30 per person
-------------------------------------------------
Bon Appetit * -------------------------------------------------
Higher-income groups, 25-50 year olds, loyal clientele * -------------------------------------------------
Top-class cuisine *