The battle for control of Signature Restaurants appears to be over as Park Place Capital has agreed to hold talks with Luke Johnson's management buyout vehicle, Pinco, with regard to a possible joint offer.

At the request of Pinco and with the approval of the Independet Directors of Signature, the Takeover Panel has suspended the offer timetable pending discussions between Pinco and Park Place.

If a joint offer is agreed, it is likely to be at the same price as Johnson's 60p per share offer, equivalent to £24.7m.

The move by Park Place appears to leave A-Z Restaurants owner, Giuliano Lotto - who was said to be working on a rival bid with Park Place - on the sidelines.