TDR told to get its skates on

PIZZAEXPRESS owner TDR Capital, the private equity fund, has been told to get its skates on and bid for Ask Central restaurants.

The Takeover Panel gave it until midday on February 13 to 'put up or shut up'.

TDR hired Royal Bank of Scotland and Lehman Brothers to underwrite its possible 220p-a-share cash offer, valuing Ask at £214m and topping an earlier bid by the Restaurant Group, owner of the Frankie and Benny's and Garfunkel's chains.

It aims 'to finalise the financing documentation' next week, but warns there is no certainty an offer will be made.

So far 47.9% of Ask shareholders have accepted The Restaurant Group's bid, although they can still change their mind.

Ask rose 2p to 211p. The Restaurant Group slipped 1/2p to 77 1/2p.