Restaurant Group Signs Deal With L.A. Firm

Fox & Hound Restaurant Group said it had signed a letter of intent to be acquired by a private equity firm for $14 a share in cash, or about $146 million.

The restaurant operator has made an agreement with Levine Leichtman Capital Partners, a Los Angeles investment firm, not to solicit alternative transactions. But it said it might terminate the exclusivity pact should it receive a higher bid. The Wichita, Kan.-based company operates restaurants under the Fox & Hound and Bailey’s brand names. Fox & Hound shares rose $2.80, or 27%, to $13.08.