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Deadline for Prezzo takeover offers extended

30 October 2014 by
Deadline for Prezzo takeover offers extended

Prezzo has secured an agreement that will allow the private equity firms considering a £300m takeover for the business more time to make a firm offer.

It emerged at the start of this month that the pizza restaurant group, owned by Jonathan Kaye and other family members, had appointed investment bank Altium Capital to oversee talks with potential bidder.

It was subsequently announced that Prezzo had received preliminary offers from Advent International and TPG Capital.

In accordance with the rules of the Takeover Code, Advent and TPG were required to announce a firm intention to make an offer, or announce that they did not intend to make an offer, by 5pm today (30 October).

But in an announcement to the City today, Prezzo confirmed that following requests from both companies it had secured an extension to the deadline. Advent and TPG now have until 5pm on 14 November to announce their intentions.

Prezzo has almost 250 branches across the UK, mostly in the South East and floated on London's AIM stock market in 2002.

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