(Alliance News) - Pizza Express is potentially considering a surprise move to gatecrash a takeover of Restaurant Group PLC, the owner of Wagamama.
Sky News reported that the restaurant chain is at the preliminary stages of evaluating whether to make a rival offer for Restaurant Group, which this month agreed to be bought by Apollo Global Management for just over GBP500 million.
https://news.sky.com/story/pizza-express-works-up-appetite-to-swallow-wagamama-owner-12992603
Apollo is a New York-based alternative asset manager. Via acquisition vehicle Rock BidCo Ltd, it is offering to pay 65 pence per Restaurant Group share in cash.
Sky cited City sources who said there had been initial contact between the two parties but that there was no guarantee Pizza Express would proceed with a formal offer to Restaurant Group's board, chaired by Ken Hanna.
Other potential counter-bidders are also said to be examining whether to make offers, Sky reported.
Pizza Express is controlled by a group of debt funds including Bain Capital Credit and Cyrus Capital Partners, which took ownership in 2020.
Shares in TRG closed up 1.5% at 66.50 pence in London on Wednesday.
By Jeremy Cutler, Alliance News reporter
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