GondolaExpress looks set to win the battle for PizzaExpress after the pizza chain's former chairman, Luke Johnson, withdrew its offer.
Johnson's group, Venice Bidder, announced that it had dropped its £263m offer last Friday, just hours after rival bidder GondolaExpress extended the closing date for its £278m bid by seven days to 15 May.
GondolaExpress had received acceptances for just 17.09% of PizzaExpress stocks because shareholders were holding out for a potentially higher bid from Johnson.
But disappointing third-quarter figures from PizzaExpress prompted Venice Bidder to bow out of the battle and accept the rival offer.
In the 14 weeks to 6 April, like-for-like sales at the chain fell by 9.4% (following a 5.1% fall in the second quarter). Additionally, sales at Café Pasta and Marzano sites fell for the first time, by 2.2%.
Venice Bidder had received acceptances for 8.5% of PizzaExpress shares. Its withdrawal leaves the field open for GondolaExpress, the joint venture between TDR Capital and Capricorn Ventures, which owns the Nando's chicken restaurant chain. The bid has the backing of PizzaExpress's executive directors.