RNS Number:9352K
Venice Bidder PLC
09 May 2003


Not for release, publication or distribution in, into or from the United States,
Canada, Australia or Japan


PRESS ANNOUNCEMENT

FOR IMMEDIATE RELEASE

9 May 2003

OFFER

by
                      
HAWKPOINT

on behalf of

VENICE BIDDER

for

PIZZAEXPRESS

OFFER LAPSED


On 16 April 2003 PizzaExpress revealed a third consecutive quarter of
disappointing like-for-like sales performance, with an acceleration in the
deterioration of like-for-like sales in the core PizzaExpress operation from
minus 5.1 per cent. in the second quarter to minus 9.4 per cent. in the third
quarter and with the Cafe Pasta/Marzano sites moving from growth into decline
for the first time.  In addition, PizzaExpress stated that a number of
operational initiatives had been introduced but intense competition coupled with
well documented economic and political factors were continuing to delay
improvements in sales performance.

Against this trading background, and after careful consideration, the Board of
Venice Bidder has decided against increasing its 367 pence Offer, which has now
lapsed.

Consequently, the Board of Venice Bidder announces that it intends to accept the
GondolaExpress offer of 387 pence per PizzaExpress Share in respect of its
entire holding of 6,131,658 PizzaExpress Shares, representing approximately 8.5
per cent. of the existing issued ordinary share capital of PizzaExpress.

On 24 April 2003 Venice Bidder's Offer was extended until 9 May 2003. As at 3.00
pm on 9 May 2003, valid acceptances had been received in respect of 1,616,887
PizzaExpress Shares, representing approximately 2.3 per cent. of the existing
issued ordinary share capital of PizzaExpress. On 27 February 2003, Venice
Bidder announced that it had received undertakings to accept the Offer in
respect of, in aggregate, 109,750 PizzaExpress Shares, including undertakings to
accept from parties acting in concert with Venice Bidder in respect of, in
aggregate, 80,750 PizzaExpress Shares.  Valid acceptances have been received in
respect of all of these PizzaExpress Shares and these are included in the totals
above. Following commencement of the Offer Period, Venice Bidder acquired
6,131,658 PizzaExpress Shares, representing approximately 8.5 per cent. of the
existing issued ordinary share capital of PizzaExpress. Immediately prior to the
commencement of the Offer Period, Venice Bidder and persons deemed to be acting
in concert with Venice Bidder owned or controlled 80,750 PizzaExpress Shares,
representing approximately 0.1 per cent. of the existing issued ordinary share
capital of PizzaExpress.  This comprised the beneficial holdings of the Venice
Management Team. Save as set out above, neither Venice Bidder nor any of the
directors of Venice Bidder nor (so far as Venice Bidder is aware) any party
deemed to be acting in concert with Venice Bidder owned any PizzaExpress Shares
or rights over PizzaExpress Shares on 13 December 2002 (the last business day
before the commencement of the Offer Period) nor have they acquired or agreed to
acquire any PizzaExpress Shares or rights over PizzaExpress Shares during the
Offer Period.

Venice Bidder's Offer for PizzaExpress was subject to valid acceptances being
received by not later than 3.00pm on 9 May 2003 in respect of not less than 90
per cent. of the PizzaExpress Shares to which the Offer relates. This condition
has not been satisfied and the Offer has now lapsed.

In accordance with the Venice Bidder Offer Document, all share certificates and/
or other documents of title of PizzaExpress Shareholders who have accepted the
Venice Bidder Offer will be returned by post within 14 days of this
announcement.


Enquiries:

Financial Dynamics                                       Tel:      020 7831 3113
Nic Bennett

The term "Offer" used in this announcement is defined as "the cash offer
(including the Loan Note Alternative) being made by Hawkpoint on behalf of
Venice Bidder to acquire all of the PizzaExpress Shares on the terms and subject
to the conditions set out in the Offer Document and the Form of Acceptance and
including, where the context requires, any subsequent revision, variation,
extension or renewal thereof".  Certain terms used in this announcement are
otherwise defined in the Offer Document dated 27 February 2003.

The directors of Venice Bidder, whose names are set out in the Offer Document,
accept responsibility for the information contained in this announcement and
confirm that, to the best of their knowledge and belief (having taken all
reasonable care to ensure that such is the case), the information contained in
this announcement is in accordance with the facts and does not omit anything
likely to affect the import of such information.

Hawkpoint, which is regulated in the United Kingdom by the Financial Services
Authority, is acting exclusively for Venice Bidder and no one else in connection
with the Offer and will not be responsible to anyone other than Venice Bidder
for providing the protections afforded to its customers or for providing advice
in relation to the Offer or in relation to the contents of this announcement or
any transaction or arrangement referred to herein.

ABN AMRO Hoare Govett is acting as broker for Venice Bidder and is not acting
for anyone else in connection with the Offer and will not be responsible to
anyone else other than Venice Bidder for providing the protections afforded to
its customers or for providing advice in relation to the Offer.

This announcement does not constitute an offer to sell or invitation to purchase
or subscribe for any securities.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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