Wheel Topco told investors it did not plan to make a firm offer because of ‘market conditions’.
Pizza Express’s owner has pulled out of the takeover battle to buy Wagamama owner The Restaurant Group .
Wheel Topco, which owns the pizza chain, said last month that it was mulling over a potential offer for TRG. However, on Tuesday, it told investors that it does not intend to make a firm offer “due to market conditions”. The interest from Pizza Express’s parent firm came after bosses at TRG had already agreed to sell the business to US private equity giant Apollo.Apollo agreed to buy the business, which also runs the Brunning and Price pub group, for £701 million.
As part of that deal, Apollo would pay 65p per share, about one third higher than where the company’s shares were trading the day before the offer was made.It recently agreed to give away its 75 Frankie & Benny’s and Chiquito restaurants to Big Table Group for the nominal sum of £1 each.Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly.
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Pizza Express pulls out of running to buy Wagamama ownerWheel Topco told investors it did not plan to make a firm offer because of ‘market conditions’.
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