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Telepizza appears ripe for takeover

August 21, 2003

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MADRID -- In the wake of rumors that Spain's 858-unit Telepizza chain might be up for sale, share prices hit a 15-month high on Aug. 21.

"There have been market rumors about a takeover of the company, which has been pushing the shares up recently," an unidentified stock trader said in a Reuters report.

Other traders said analysts are expecting positive half-year 2003 results when the company reports its sales performance later this month.

Since investor Javier Tallada, chairman of Puleva Biotech, purchased a 5.2 percent stake in Telepizza in July, shares have risen 18 percent.