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UPDATE 1-Wagamama parent gets offer feelers from PizzaExpress owner

Reuters
·1 min read

(Adds background on company struggles, details on Wheel's proposal in paragraph 2)

Oct 26 (Reuters) -

The Restaurant Group said on Thursday it had received a request for information from PizzaExpress Group owner Wheel Topco Limited to evaluate a possible offer, weeks after it agreed to be taken private by Apollo Global.

The Wagamama owner, which has been struggling with falling margins amid soaring costs and sluggish recovery post-pandemic, will consider Wheel's proposal, the company said in a statement, adding that there had been no indication of a possible offer.

The Restaurant Group on Oct. 12 had agreed to be taken private by private equity firm Apollo Global for 506 million pounds ($611.05 million).

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It also faced pressure from shareholders and activist investors Irenic Capital and Oasis Management in recent months to change management and improve profitability.

($1 = 0.8281 pounds) (Reporting by Radhika Anilkumar in Bengaluru;Editing by Nivedita Bhattacharjee)