Photo-Me CEO makes discounted offer for company

Photo-Me chief executive Serge Crasnianski has tabled a discounted bid for the photo booth and vending machine operator, the company said on Friday.

Crasnianski is offering 75p-a-share, valuing the business at £284.5m. The 79-year-old Frenchman is being supported by his daughter Tania Crasnianski and Jean-Marc Janailhac, both of whom are executive directors of the company.

He and his allies now hold 36.5% of Photo-Me after Crasniansky snapped up a 7.7% stake on Friday.

An independent committee of board members not associated with the deal noted that the offer price "represents a very small discount to the closing price of a Photo-Me share on 20 January 2022" and told investors to take no actions for now and promised a full assessment of the offer in due course.