Pizza Express owner abandons plans for Restaurant Group bid

Wheel Topco, the owner of Pizza Express, has confirmed it will not be making an offer for The Restaurant Group (LSE: RTN) ‘due to market conditions’.

The Restaurant Group said last month it had received a request for due diligence from Wheel Topco, which was mulling a potential surprise bid for the group. However, no bid was formally submitted. The Restaurant Group shares fell on Tuesday and were down 3.32 per cent after the news.

Wheel Topco agreed in October to a £500 million takeover by Apollo Global Management, valuing it at 65 pence per share. It later confirmed it was considering a rival offer for The Restaurant Group, in response to reports of other potential bidders.

The Restaurant Group shares are up 90% over the last 12 months.