Pizza Express in takeover bid

The owner of UK-based Pizza Express and two other restaurant chains said today it had received a takeover approach valuing the business at more than £550m (€809.6m).

Gondola Holdings, which operates 315 Pizza Express restaurants, 110 under the ASK brand and 81 Zizzi’s, did not disclose the identity of the potential bidder.

Shares in the business have risen from 318p at the end of last month to 396p today, following a gain of 9% in the wake of the offer announcement today.

Gondola said the approach was priced at 415p a share – valuing it at £558.9m (€409.2m) – but stressed there was no certainty a full offer will be made.