The private equity firm which tried to buy Aberdeen-headquartered Wood earlier this year now looks set to take control of restaurant giant Wagamama in a £500million deal.
Apollo Global Management looks set to complete the purchase of the casual dining chain after an 11th hour bid by Pizza Express fell through this morning.
PizzaExpress tabled a secret proposal to reverse into Wagamama's London-listed parent The Restaurant Group (TRG) earlier this year.
Wheel Topco, which owns PizzaExpress Group, lodged the idea of a combination with the TRG board several months ago.
As part of the deal, Wheel's shareholders would have taken a sizeable equity stake in TRG if a transaction had been agreed.
However, in an announcement to the market this morning, Wheel Topco confirmed that it will not be following up its interest with a firm offer.
"Wheel Topco confirms that, due to market conditions, it does not intend to make an offer for TRG," the firm said.
Under the terms of Apollo's 65p-a-share offer, a rival bid would have had to be at least 10% richer - and it appears that bar cannot be reached.
Allan Leighton, PizzaExpress's chairman, previously chaired Wagamama during its ownership by the private equity firm Duke Street, and engineered its sale to TRG in 2018.
He then spent a brief period on TRG's board. Mr Leighton is also currently non-executive chairman at Ellon-based BrewDog.
FTSE 100
The UK's flagship share index, the FTSE100, was down 17-points at 7,400 shortly after opening this morning.
Meanwhile, Brent crude futures were down 1.12% at $84.23 a barrel this morning.
Companies reporting today
- 3I Infrastructure - Half year results
- Associated British Foods - Full year results
- Beazley - Q3 results
- Direct Line - Q3 trading statement
- IWG - Q£ trading statement
- Persimmon - Trading statement
- RS Group - Half year results
- Watches of Switzerland - Half year results