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Gondola goes for Pizza
The sale of the Pizza Express restaurant chain has taken another twist.
TDI Capital and Capricorn Ventures have confirmed the setting up of their own bid vehicle - known as Gondola Express - to make a counteroffer to that made by Luke Johnson's buyout vehicle, Venice Bidder.
Gondola Express has said it is in financing talks with a group of banks, believed to be led by HBOS, and hopes to make a formal bid shortly.
Johnson's £263m offer was initially backed by Pizza Express's non-executive directors but they have since indicated that a higher bid would be considered. Gondola is reported to be prepared to pay between 380-390p per share for the company, against the 376p offered by Venice. Details: Type 'Pizza Express' into the www.leisureopportunities.co.uk search engine.
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