Goldman Sachs purchase sends PizzaExpress stock to 6-month high

March 3, 2003

LONDON -- News that Goldman Sachs Asset Management purchased 740,000 additional shares of PizzaExpress stock on March 3 sent the chain's share price rising to a six-month high.

According to the Times of London, GSAM's purchase price of 382.5 pence (U.S. $6.03) was 6.68 percent above the 367 pence (U.S. $5.78) per share price offered in a buyout offer led by Luke Johnson, its former chairman, and backed by ABN Amro Capital. GSAM's price also is higher than the 380 pence (U.S. $5.99) a share that is rumored to be offered by Capricorn Ventures International, another potential bidder.

And the end of trading on March 3, PizzaExpress shares were up to 389.5 pence (U.S. $6.14), raising speculation that the company could be sold too cheaply to Johnson and ABN.

Topics: Public Companies

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