Sphinx extends negotiations for acquisition of Pizza Factory

Sphinx Poland, one of the country’s largest restaurant companies, signed an annex to the agreement on negotiations regarding its acquisition of Fabyrka Pizza (the Pizza Factory), extending the deadline for exclusive negotiations to December 28, 2016, a release given to the Polish press from the restaurant giant stated on Friday. The deadline for the deal had previously been December 16. “This [extends] the term in which Sphinx is entitled exclusivity in negotiations of the terms of the shareholder of the company Fabryka Pizza…during the prescribed period, the parties committed themselves to strive to agree on the content of contracts and their signing,” Sphinx stated in its release. At the beginning of November, Sphinx Poland declared that had entered into negotiations to acquire a 100 percent stake in the Pizza Factory, setting out the preliminary rules regarding the cooperation between the parties. At the time, the company said it had the exclusive right to negotiate the terms of the investment agreement, indicating that there was the possibility of the Sphinx acquiring all of Pizza Factory’s shares. The Pizza Factory has 10 restaurants in Poland, while Sphinx has 117 across the country.