The owner of Pizza Express has said it won’t bid for Wagamama-owner The Restaurant Group (TRG), citing market conditions for its decision.
It leaves the field clear for private equity group Apollo Global Management (NYSE:APO), which has bid more than £500 million for TRG.
Wheel Topco, the vehicle for Pizza Express, is keeping its options open. It said it reserves the right to re-enter the race if the Apollo bid lapses or a new bidder emerges.
Unsurprisingly, given ratcheting down competitive tensions, TRG shares fell – 3% to 64.2p - just a tad shy of the 65p Apollo bid price.