PizzaExpress owner will not make rival bid for the Restaurant Group

The owner of PizzaExpress will not make a bid for Wagamama owner the Restaurant Group (TRG) due to "market conditions", it has been announced.

Last month TRG confirmed that PizzaExpress owner Wheel Topco Ltd had requested diligence information to evaluate a possible offer for its competitor.

However, TRG has been informed that no offer will be forthcoming.

There had been speculation that a move from Wheel Topco could have started a bidding war for TRG, which last month agreed to be bought by Apollo Global Management for over £500m.

Analysts were divided over Apollo's 65p a share offer to buy TRG, and some warned it was too low and likely to flush out another bid for the business.

TRG runs more than 400 UK sites including the Brunning & Price pub chain and a concessions business.

In September, TRG announced it would pay rival casual dining business Big Table Group £7.5m to take its struggling leisure arm, including the Chiquito's and Frankie & Benny's brands, off its hands.

It has advised shareholders to vote in favour of Apollo's offer to buy the business.

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