UK restaurant group Pizza Express has received a takeover offer of between £3.30 and £3.50 per share, valuing the group at £251m (US$390.4m).
Pizza Express, which operates over 300 outlets in the UK, had reported sluggish sales in its core Pizza Express restaurants due to tough industry conditions and a downturn in tourism.
Chief executive David Page said he wanted to spend £13m over the next two years refurbishing older restaurants and to review the chain’s menu.
Pizza Express has not said who the takeover offer is from, reported BBC Online.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData