By Ian Walker
The Restaurant Group has confirmed that it has received an approach from PizzaExpress Group owner Wheel Topco regarding diligence information for a potential bid for the company.
No Indicative Proposal
The U.K. restaurant operator, known for its brands including Wagamama, Brunning & Price, and Frankie & Benny’s, stated on Thursday that no indicative proposal has been made to the board. This includes details such as terms, price, or form of consideration.
Compliance and Consideration
In response to press reports, the company reassured that it will comply with the request and provide diligence information to Wheel Topco. It also stated that it will consider any proposal if received. However, it emphasized that there is no certainty that any proposal will be received.
Previous Takeover Agreement
Back in October, Restaurant Group agreed to an all-cash takeover by asset manager Apollo’s Rock Bidco. The deal was valued at approximately £506 million ($612.9 million), with accepting shareholders set to receive 65 pence for each share held.
PizzaExpress Rival Offer
According to reports from Sky News, PizzaExpress is evaluating the possibility of making a rival offer for the Restaurant Group after contacting the Wagamama owner. Further details regarding this potential offer have not been disclosed.