Fortress lifts Loungers takeover offer

Fortress Investment Group has increased its recommended takeover offer for hospitality group Loungers. The US investor agreed the terms of a £338.3m, 310p per share offer for Loungers in November. It has now raised that offer to 325p per share, valuing the target at £366.6m. Loungers chairman Alex Reilley said: “We are very pleased that Fortress has decided to increase its offer, making it even more compelling for Loungers shareholders and reinforcing the Loungers directors’ recommendation that they should vote in favour of the acquisition.” Domnall Tait, managing director of Fortress, added: “This increased offer for Loungers reflects our continued belief in the business and its management team, and we look forward to supporting them through the next stage of growth. Notwithstanding the recent challenges, Fortress remains a strong believer in the UK.” Image © Loungers