Wagamama parent gets offer feelers from PizzaExpress owner (updated)

Restaurant

26/10/2023 07:53

(Adds background on company struggles, details on Wheel's
proposal in paragraph 2)
       Oct 26 (Reuters) - 
    The Restaurant Group  RTN.L  said on Thursday it had
received a request for information from PizzaExpress Group owner
Wheel Topco Limited to evaluate a possible offer, weeks after it
agreed to be taken private by Apollo Global  APO.N . 
  
    The Wagamama owner, which has been struggling with falling
margins amid soaring costs and sluggish recovery post-pandemic,
will consider Wheel's proposal, the company said in a statement,
adding that there had been no indication of a possible offer. 
    The Restaurant Group on Oct. 12 had agreed to be taken
private by private equity firm Apollo Global  APO.N  for 506
million pounds ($611.05 million).
        It also faced pressure from shareholders and activist
investors Irenic Capital and Oasis Management in recent months
to change management and improve profitability.
  
        
  
    

($1 = 0.8281 pounds)

 (Reporting by Radhika Anilkumar in Bengaluru;Editing by
Nivedita Bhattacharjee)
 ((Radhika.Anilkumar@thomsonreuters.com;))