News

TDR, Capricorn bids $403 million for ASK Central Pizza

February 12, 2004

LONDON—TDR Capital LLP and Capricorn Ventures International has bid a recommended £212.9 million pounds (U.S. $403 million) bid for U.K. pizza and pasta chain ASK Central Plc.

According Dow-Jones Newswires, TDR and Capricorn will offer £2.20 (U.S. $4.16) a share in cash, topping a cash-and-stock offer from Restaurant Group Plc worth about £1.82 (U.S. $3.44) a share offer.

The offer was made through Riposte, a company formed specifically to make the bid. The offer, according to the report, came just hours before a regulatory deadline set by the UK's takeover panel.

Analysts quoted by Dow-Jones said the offer likely is a knock-out blow to the Restaurant Group's offer.

TDR and Capricorn took ASK competitor PizzaExpress private in 2003.

Read related ASK Central stories ...
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* City Centre in merger talks with Ask Central, wants its pizza chains