Activist hedge fund Irenic Capital Management is pushing for a take-private deal for SSP Group, owner of Upper Crust, after increasing its stake. The fund believes SSP could be valued at a 50% premium in a takeover bid, citing predictable revenues and growth potential in U.S. airports. SSP’s shares rose over 8% in response.

Irenic Capital Management has shared the benefits of a leveraged buyout with potential investors and private equity firms. SSP Group operates food and beverage outlets in travel locations, focusing on airports and train stations. The New York-based hedge fund owns approximately 3% of SSP’s stock.

SSP Group’s share price surged by more than 8% to 168.6 pence following news of the potential take-private deal. The company’s spokesperson stated they are committed to delivering growth and returns for all stakeholders. Irenic Capital Management declined to comment on the matter.

Read more at Yahoo Finance: Irenic Capital moves to rustle up takeover interest in Upper Crust owner SSP, FT reports