Fox & Hound Gets Sweetened Newcastle Bid

Fox & Hound Restaurant Group (NasdaqNM:FOXX) announced that Newcastle Partners, LP and Steel Partners II, LP informed the Company that they have increased the price they are willing to pay to acquire the Company, pursuant to a negotiated tender offer/merger, to $15.50 per share in cash.

On December 20, 2005, Newcastle, Steel and F&H Acquisition Corp. publicly announced that they had placed into escrow a merger agreement indicating their willingness to offer to acquire Fox & Hound by negotiated tender offer/merger for $14.50 per share in cash. The escrowed merger agreement has been amended to reflect the increased proposed purchase price.

The Company further announced that, in accordance with the terms and conditions of that certain Letter of Intent dated October 4, 2005, between the Company and Levine Leichtman Capital Partners (''LLCP''), as amended (the ''LLCP Letter of Intent''), the Company's Board of Directors has determined that the offer to enter into a negotiated tender offer/merger for $15.50 per share in cash is a superior offer to the existing offer of LLCP. Under the terms of the LLCP Letter of Intent, LLCP has five business days to match or propose an alternative transaction.

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