Ask sets Friday deadline for TDR's takeover bid

Speculation as to whether venture capitalists TDR will trump the Restaurant Group's bid for pizza and pasta chain Ask Central will be put to rest this week.

Ask Central has set a deadline of noon on Friday 13 February for the owners of PizzaExpress either to come forward with a bid or announce a withdrawal from the competition.

Last month TDR said it was considering trumping the Restaurant Group's offer of 185p-a-share with a 220p-a-share bid last month.

The venture capitalist group, which also owns Nando's, this month said it has appointed the Royal Bank of Scotland and Lehman Brothers as lead underwriters for its bid.

The Restaurant Group (formerly City Centre Restaurants) has so far received acceptances of its offer from 47.9% of Ask Central's shareholders.

Bob Ivell, 51, former director at Scottish & Newcastle and chairman and managing director at S&N Retail, has been appointed non-executive director at the Restaurant Group.

Ivell will replace Ian Hannah, who will retire following the conclusion of the current bid for Ask Central.