26th Oct 2023 12:29
(Alliance News) - Restaurant Group PLC on Thursday confirmed that the Pizza Express owner has taken interest in a takeover of the company.
On Wednesday, 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.
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.
Shares in Restaurant Group rose 2.0% to 67.80 pence each in London on Thursday around midday.
Other potential counter-bidders are also said to be examining whether to make offers, Sky reported.
On Thursday, Restaurant Group confirmed that it has received a diligence request from the PizzaExpress owner, Wheel Topco. It confirmed that Wheel Topco is evaluating a possible offer for the company.
"No written or verbal indicative proposal relating to a possible offer, including as to terms, price or form of consideration, has been made to the board of TRG by Wheel Topco," it added.
Restaurant Group said that if an offer is made then it will carefully consider its terms, but it noted that there is no certainty that an offer will be made for the company.
By Sophie Rose, Alliance News reporter
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