PizzaExpress Group owner Wheel Topco Limited doesn't plan to make a formal offer for Wagamama owner The Restaurant Group plc (LSE:RTN) due to market conditions, it said November 7, 2023. On Oct. 26 Restaurant Group confirmed that it had received an approach from Wheel Topco for diligence information as it was considering a bid for the company.

Earlier in October, Restaurant Group--which also houses Brunning & Price and Frankie & Benny's among its portfolio--agreed to an all-cash takeover worth around £506 million ($624.5 million) by asset manager Apollo's Rock Bidco. Under the terms, accepting shareholders will get 65 pence for each share held.