TRG is the parent company of Wagamama restaurant brand. Credit: Richard M Lee via shutterstock.com.

Wheel Topco, owner of UK-based multinational pizza restaurant chain PizzaExpress, has confirmed that it does not intend to make an offer for The Restaurant Group (TRG), the owner of the Wagamama restaurant brand.

Wheel Topco said that this decision is due to “market conditions”.

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Last month, Wheel Topco requested diligence information to evaluate a possible offer for its competitor.

At that time, TRG said it would consider Wheel’s proposal but added that there had been no indication of a possible offer.

In a statement, TRG said: “No written or verbal indicative proposal relating to a possible offer, including as to terms, price or form of consideration, has been made to the board of TRG by Wheel Topco.

Prior to Wheel Topco’s request, the US-based private equity company Apollo Global Management agreed to acquire TRG for a consideration of £506m ($620m).

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For this acquisition, Apollo agreed to pay TRG stakeholders 65 pence per share in cash.

According to a report by Reuters, the deal has been signed following a lengthy campaign by activist investors for a shake-up of the dining operator.

Apollo has been looking to acquire TRG for many years, as the private equity company believes that TRG has established itself in the casual dining space with its portfolio of concepts and brands.