Champps Entertainment Inc., an operator of sports-themed restaurants, delayed its $74.8 million takeover by Steel Partners II LP and Newcastle Partners LP to give the two buyout firms more time to arrange their funding.
The closing of the deal will be postponed to no later than Oct. 22 from Oct. 1, Littleton-based Champps said in a statement today.
Champps agreed in July to be bought by F&H Acquisition Corp., which was formed by the two companies. The operator said the buyers asked for more time because of the credit market, which has made it harder for firms and banks to raise cash.
Steel Partners and Newcastle Partners will pay $35 million to Champps if the transaction isn’t completed by Oct. 22, the statement said.
Champps fell 3 cents to $5.52 in Nasdaq Stock Market composite trading on Friday. The shares have dropped 21 percent this year.
