TRG: PizzaExpress owner sends out feelers to The Restaurant Group

The Restaurant Group (TRG), the owner of UK-based restaurant chain Wagamama, has received a request for information from PizzaExpress Group owner Wheel Topco to evaluate a possible offer. TRG noted that it would consider Wheel's proposal but added that there had been no indication of a possible offer. In a statement, the company said: "No written or verbal indicative proposal relating to a possible offer, including as to terms, price or form of consideration, has been made to the Board of TRG by Wheel Topco. "The Board of TRG confirms that it will provide diligence information to Wheel Topco in accordance with its obligations under the Code. If any proposal is provided by Wheel Topco, the Board of TRG will carefully consider its terms, in conjunction with its advisers." Earlier this month, US-based private equity company Apollo Global Management agreed to buy TRG for a consideration of £506m ($620m). For this acquisition, Apollo agreed to pay TRG stakeholders 65p per share in cash. Following this transaction, TRG will be taken private. Apollo is said to have been looking to acquire TRG for many years, as the private equity believed that TRG has established itself in the casual dining space with its portfolio of concepts and brands. According to a report by Reuters, the deal has been struck following a lengthy campaign by activist investors for a shake-up of the dining operator.