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Pizza Express owner, Wheel Topco, will not make a bid for The Restaurant Group (TRG) due to “market conditions” it has confirmed.
Last month, TRG confirmed that Wheel Topco had requested diligence information to evaluate a possible offer for its competitor.
This move comes after TRG agreed to be bought by Apollo Global Management for over £500m last month.
Some analysts warned that Apollo’s 65p per share offer was too low and likely to flush out another bid for the business.
TRG has advised shareholders to accept the offer from Apollo.
In September, TRG announced that it would pay Big Table Group to take its leisure arm, which includes Chiquito’s and Frankie and Benny’s brands, off its hands.
Big Table will pay a nominal fee of £1 for the brands while TRG will pay a cash contribution of £7.5m.
TRG faced months of pressure from investors to offload this arm of the business as many felt it was having a negative impact on performance of the group.
