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Pizza Express is reportedly working with Goldman Sachs over launching a potential bid to acquire a large stake in The Restaurant Group (TRG), according to Sky News.
The news comes after Pizza Express owner is considering a surprise move to gatecrash a takeover of TRG, the London-listed company which owns Wagamama.
According to the report, Wheel Topco, which owns PizzaExpress Group, planned a combination with The Restaurant Group’s (TRG) board several months ago.
As part of the deal, Wheel’s shareholders would have taken a sizable equity stake in TRG if a transaction had been agreed.
In a stock exchange statement, the Wagamama-owner said it had “received a request within the last week from Wheel Topco…for diligence information on the company…to enable Wheel Topco to evaluate 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.”
The owner of PizzaExpress has not yet publicly expressed any interest in the company, and neither party has made any mention of the previous proposition.
