The restaurant operator behind the Wagamama chain has agreed to a £700m takeover bid from private equity firm Apollo Global Management.
Activist investors put the Restaurant Group under intense pressure to accept the 65p-a-share deal, which values the business at £506m plus around £200m of debt.
The price is a premium of 67% to the average share price of 39p for year up to the bid, and a premium of 34% to Wednesday’s close of 48p.
The Restaurant Group has about 380 restaurants and pubs, a concessions business and a 20% stake in a joint venture operating seven Wagamama noodle bars in America. It also has about 60 franchises around the world.
