The Restaurant Group PLC (LON: RTN) share price rose 3.36% after clarifying media speculation that it had received a competing takeover offer from another company. TRG noted that it had received a request for due diligence information from Wheel Topco Limited, the owner of PizzaExpress Group Limited.
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The due diligence request aligns with Rule 21.3 of the Code and aims to enable Wheel Topco to assess the feasibility of a potential acquisition of TRG. Importantly, it’s essential to note that no written or verbal indicative proposal regarding such an acquisition has been presented to TRG’s Board by Wheel Topco.
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TRG’s Board has affirmed its commitment to fulfilling its obligations under the Code and will provide the requested diligence information to Wheel Topco. If Wheel Topco does present a formal proposal, TRG’s Board will meticulously assess its terms in collaboration with its advisors.
Further updates regarding this matter will be communicated as deemed appropriate. It’s important to emphasise that there is no certainty regarding whether Wheel Topco will indeed make an offer for TRG at this stage. If such an offer does materialise, the specific terms of the offer are yet unknown.
Consequently, shareholders are advised to refrain from taking any immediate action regarding the information request received from Wheel Topco.
About the Rule 2.7 announcement issued on October 12, 2023, in connection with the bid made by Rock Bidco Limited, a special purpose vehicle (SPV) indirectly owned by the Apollo funds and managed by affiliates of Apollo Global Management, Inc., for TRG, it was stated that TRG’s Board intends to recommend that shareholders vote in favour of the proposed scheme. This intention remains unchanged, unqualified, and unmodified.
Under Section 4(c) of Appendix 7 of the Takeover Code, the Panel on Takeovers and Mergers will announce the deadline by which Wheel Topco must clarify its intentions regarding TRG. It’s worth noting that this announcement has been made without the consent of Wheel Topco.
TRG shares continue to trade at the highs triggered by the takeover announcement from Rock Bidco Limited, which represented a premium to its initial trading price.
Restaurant Group (RTN) share price.
The Restaurant Group (TRG) share price rose 3.36% to trade at 68.58p from Wednesday’s closing price of 66.35p.
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