The future of PizzaExpress hung in the balance this week as doubts grew over whether shareholders would agree to a management buyout.
Credit Suisse First Boston has been handling bids to buy the struggling company and take it private, including the management buyout attempt led by chief executive David Page.
Many analysts were expecting the best offer to be announced this week, and this was widely predicted to be the management buyout.
But doubts began to emerge both about when the offer would be announced and whether it would be as high as predictions had suggested. It is understood to be lower than the 350p per share the company and shareholders were expecting.
One insider commented: "The problem is that 350p is a bit high, and if the offer turns out to be lower than that then shareholders who have been expecting 350p are going to reject it because it comes in below what they were hoping for."
Analysts had mixed views on what shareholders would or should do. UBS Warburg had the shares as a buy at the beginning of this week at 339p. One analyst there commented that if an offer of 350p were made now it would almost certainly be accepted, although he believed the company was worth much more.
Other analysts believed that 350p would be accepted, but largely because it was more than the company was worth.
One said: "The trouble is that it is basically a one-brand company, and when that brand starts to do less well then there is nothing else to shore it up. If shareholders get an offer of 350p, then I think they should grab it."
The other potential bidders for the company include former PizzaExpress executives Hugh Osmond and Luke Johnson.
PizzaExpress, which has long held the reputation of being the acceptable face of fast-food, has hit tougher times recently. In its last full-year results it reported a 5% fall in pre-tax profits.