The Restaurant Group will fund the takeover through a combination of cash, debt and issuing more shares. Its shares were down 14% by mid-morning.
The firm, whose former boss Sir Martin Sorrell stepped down in April, reported lower-than-expected third quarter sales and slashed its full-year outlook.
The firm posted a £500m rise in revenue to £2.4bn for the year to 31 August, while profit jumped 28% to £102m, just ahead of expectations.
Philip Hammond told the BBC that there has been a “measurable change of pace” in talks, adding to the sense of optimism that a deal could be imminent.
DOWNLOAD PDF VERSION CURRENT OVERVIEW The UK market is starting to move lower, down now 8.5% from the May FTSE 100 highs @ 7900. Year to date the FTSE is down 6% with the mid cap FTSE 250 index down 5.35%. Whether we are seeing the 10 year bull market for shares (post credit crisis) […]
Shares in the company, 37% owned by entrepreneur Luke Johnson, have also been suspended.
Meanwhile, Nissan said a no-deal Brexit would have “serious implications”.
President Trump has finally got a three-way agreement to change Nafta, the North America Free Trade Agreement.