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Deadline set for pizza chain battle
The Takeover Panel has set a deadline of 13 February for private equity company, TDR Capital, to make a formal offer for ASK Central or withdraw.
TDR, owner of the PizzaExpress chain, has indicated it would make an all cash, 220p per share bid for the pizza and pasta chain after the Restaurant Group – formally City Centre Restaurants – made a cash and share bid worth £168m.
The private equity company has appointed The Royal Bank of Scotland and Lehman Brothers as lead underwriting banks for its potential offer and said due diligence is now ‘substantially complete’ and that discussions with ASK Central and its advisers are continuing.
However, a statement from TDR concluded: “There can be no certainty that an offer for ASK Central will be forthcoming even if the financing documentation is complete.”
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