PizzaExpress gate-crashes ASK battle
THE financiers behind PizzaExpress today gate-crashed a cosy table for two occupied by rivals ASK Central and City Centre Restaurants.
TDR Capital said it may offer more than £169m for ASK, which has recommended a friendly offer of that amount from City Centre.
Having bought PizzaExpress for £278m last July, TDR said it was 'evaluating a possible offer' for ASK, which owns 171 mid-market outlets under the ASK, Zizzi and Jo Schmo facias.
The prospect of a battle sent ASK shares 6p higher to 186p. TDR said its putative offer would beat City Centre's 177p cash-and-shares bid.
ASK chief executive and major shareholder Adam Kaye said: 'Pizza Express is our archrival.' But an offer would be judged on its merits, he said, adding that ASK continued to recommend the City Centre offer.
ASK and City Centre, which owns the Garfunkel's and Frankie & Benny's chains, said they were in talks in November and cemented a deal last month. The first closing date is next week.
City Centre said today its offer was worth more than 177p because of the rise in its own share price.
TDR is fronted by former Deutsche Bank heavyweights Manjit Dale and Stephen Robertson. They bought Pizza Express in conjunction with Nando's chicken chain, which is not involved in this move.
