{"id":10718,"date":"2023-11-07T17:23:14","date_gmt":"2023-11-07T17:23:14","guid":{"rendered":"https:\/\/infundpros.com\/investment\/shares-in-wagamama-owner-drop-as-pizzaexpress-owner-decides-not-to-rival-apollo-bid\/"},"modified":"2023-11-07T17:23:16","modified_gmt":"2023-11-07T17:23:16","slug":"shares-in-wagamama-owner-drop-as-pizzaexpress-owner-decides-not-to-rival-apollo-bid","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10718","title":{"rendered":"Shares in Wagamama owner drop as PizzaExpress owner decides not to rival Apollo bid"},"content":{"rendered":"
\n

Shares in Wagamama owner The Restaurant Group fell 3% on Tuesday after PizzaExpress owner Wheel Topco scuppered hopes it might submit a bid that would rival the \u00a3701 million ($862 million) offer put forward by private equity fund Apollo Global Management.\u00a0<\/p>\n

In a statement posted on the London Stock Exchange, Wheel Topco announced that \u201cdue to market conditions, it does not intend to make an offer for TRG,\u201d after it previously requested due diligence information from the pub and restaurant owner in October.\u00a0\u00a0\u00a0<\/p>\n

\n

Wheel Topco\u2019s request for due diligence information had raised hopes the PizzaExpress-owner might submit a counter offer for TRG, after U.S. private equity firm Apollo struck a deal with TRG\u2019s board to buy the restaurateur for \u00a3701 million in October.<\/p>\n

The PizzaExpress-owner was subsequently revealed to have hired bankers from Goldman Sachs to help it draw up plans to buy a sizable stake in TRG, according to Sky News.\u00a0\u00a0<\/p>\n

Analysts at Stifel had previously suggested Apollo\u2019s \u201cunsolicited\u201d offer to buy out TRG for 65p a share could flush out a rival bid for the London-listed firm. Shares in TRG had stayed just above rates of 65p per share since news of Apollo\u2019s offer.\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

Now, TRG\u2019s share price
\n RTN,
\n -2.87%<\/bg-quote>
\n has dipped back below the 65p per share mark, following Wheel Topco\u2019s announcement that it has abandoned any plans to submit a bid for the restaurant company which has suffered a series of financial losses in recent years.\u00a0<\/p>\n

TRG\u2019s board previously said it would recommend investors accept Apollo\u2019s offer, which requires support from 75% of shareholders. The company\u2019s management had said TRG would be best served by an Apollo takeover due to the \u201clong-term investment approach\u201d going private offers.\u00a0<\/p>\n

First set up in 1987, TRG has grown rapidly over the past three decades through a series of high-profile acquisitions that have seen it snap up major U.K. restaurant chains, including Chiquito in 1989, Frankie & Benny\u2019s in 1995, Brunning & Price in 2007 and Wagamama in 2018.\u00a0\u00a0<\/p>\n

TRG subsequently agreed to offload its loss-making leisure arm, which includes Chiquito and Frankie & Benny\u2019s, to Cafe Rouge owner The Big Table Group for \u00a37.5 million in September. Company CEO Ken Hanna exited the firm the same month, citing personal reasons.<\/p>\n

PizzaExpress is owned by a consortium of funds including Bain Capital Credit, Cyrus Capital Partners and HIG Bayside Capital who took control of the company from Chinese private equity firm Hony Capital in 2020.\u00a0\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares in Wagamama owner The Restaurant Group fell 3% on Tuesday after PizzaExpress owner Wheel Topco scuppered hopes it might submit a…<\/p>\n","protected":false},"author":1,"featured_media":10719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-10718","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment"},"yoast_head":"\nShares in Wagamama owner drop as PizzaExpress owner decides not to rival Apollo bid | inFundPros<\/title>\n<meta name=\"description\" content=\"Shares in Wagamama owner The Restaurant Group fell 3% on Tuesday after PizzaExpress owner Wheel Topco scuppered hopes it might submit a bid that would\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=10718\" 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