Restaurant Group PLC - London-based restaurant chain operator, owner of Wagamama and Frankie & Benny's - Wheel Topco Ltd, owner of PizzaExpress Group Ltd, confirms that it will not make an offer for Restaurant Group "due to market conditions". Wheel Topco agreed in October to a takeover by New York-based Apollo Global Management for just over GBP500 million in cash, or 65 pence per TRG share. In late October it confirmed that Wheelco was considering making a rival offer and had sent a diligence request, in response to a Sky News report which claimed other potential counter-bidders were also considering offers.
Current stock price: 64.40p, down 2.9% in London on Tuesday at midday
12-month change: up 80%
By Emma Curzon, Alliance News reporter
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