PizzaExpress Adds Twist to Wagamama Mix
What was thought to be a nearly done deal could now face a bidding war.
Up in the air?
Photographer: Chris RatcliffeWaiter, there’s a fly in my takeover. The conclusion of The Restaurant Group Plc’s eight-month activist saga is again in question after the emergence of another interested party for the owner of the Wagamama noodle chain. What had looked like a procession toward Apollo Global Management Inc.’s agreed £506 million ($623 million) offer may yet develop into a bidding war.
That’s still far from certain. PizzaExpress Group owner Wheel Topco Ltd. has requested diligence information from the company to evaluate a possible offer, though it’s made no verbal or indicative proposal. There is no assurance that there will be a bid or on what terms, according to a stock exchange disclosure from London-listed TRG.