Gondola Holdings has agreed to a take over by Cinven, which formed a special vehicle called Paternoster Acquisitions to make its bid. The owner of Pizza Express, Ask and Zizzi, opened its books to the private equity player last month following a 415p-a-share bid approach, valuing the equity at £559m. Cinven said TDR Capital and Capricorn Ventures had agreed to sell their stakes in Gondola at an average of 400p. This gave it 50.7% of the restaurant group’s stock. The price represents a premium of about 27% to Gondola’s closing price of 324p on the day before the offer was made early last month. The offer valued Gondola, which has about 315 Pizza Express outlets, 110 ASKs and 81 Zizzi’s, at 10.1 times ebitda. Gondola closed up 2p on Friday at 405.5p Financial Times 07/10/06 page 20 The Times 07/10/06 page 60 The Daily Telegraph 07/10/06 page 29 (60 Second Briefing) The Guardian 07/10/06 page 37 (Market forces) The Independent 07/10/06 page 56