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Article: Pizza Express shares fall as Osmond walks away from takeover talks
- Article from:
- The Scotsman
- Article date:
- November 21, 2002
- Author:
CopyrightCopyright 2002 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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STRUGGLING restaurant chain Pizza Express saw its shares dive more
than 13 per cent yesterday after its former owner, Hugh Osmond,
walked away from a GBP 250 million takeover bid.
Pizza Express said it was "unable to accept the proposed terms" of
the deal put forward by Osmond's Twigway investment vehicle and all
discussions have now collapsed.
But City investors said a string of financial bidders are likely
to be keeping a close eye on the group and a new bid could emerge
within the next few weeks.
Osmond ditched the bid move after a dispute over an inducement fee
- money which would have been paid by Pizza Express to cover part of
Twigway's costs for examining the books.
Pizza Express ...