The takeover bid of restaurant chain PizzaExpress is said to be at an advanced stage, although chief executive David Page refused to be drawn over details this week.
The company is believed to have received three approaches - one from a management team including David Page and backed by French investors, another from co-founder Luke Johnson and one from an unidentified venture capitalist.
Analysts expect a bid of 300-350p per share, valuing the company at £215m to £251m.
PizzaExpress continues to see a decline in profits as tough trading conditions and competition from the pub sector eat into the company's business.
The company's pre-tax profits fell by 18% for the six months ended 31 December, down to £17.8m from £21.8m for the same period last year.
Group turnover was up 8% to £112m from £103.8m last year and in its core UK PizzaExpress business, sales rose 4% to £100.2m. But total sales were down by 4.8% on a like-for-like basis and fell by 10% in London.
Chief executive David Page cited job losses in the capital's finance and media markets, a collapsing transport system and a pub price war as factors behind the company's declining business in London. He was confident, however, that steps to increase sales such as new menus and larger portions would show positive results in the future.