Former Pizza Express owner Cinven weighing takeover of Frankie & Benny’s owner Restaurant Group
Frankie & Benny's owner Restaurant Group's share price jumped over six per cent after reports that Cinven is considering a bid for the group.
The former owner of Pizza Express is thought to be considering a takeover bid for the struggling company, which operates Garfunkel's restaurant chain.
Cinven is in the early stages of evaluating an approach, Sky News first reported, adding that TA Associates Management LP are also thinking about bidding.
Restaurant Group hasn't had the best few months, with another profit warning last month and the departure of finance director Stephen Critoph.
Sky reported that it was unclear what level of takeover premium would be large enough to convince the company's big investors to sell, but added one source suggested an offer would have to be pitched above 500p per share to be credible.
Shares were trading at 337p per share in late afternoon trading on Thursday.