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@Avalon.red

Restaurant Group shareholders back £559m Wagamama takeover

by Purvai Dua November 28, 2018

written by Purvai Dua 28^th Nov 18 11:23 am

The Restaurant Group has secured shareholder approval for its £559m deal to buy Wagamama despite a backlash from several investors.

The Restaurant Group may have secured approval for its Wagamama deal, but the prospect of a deeply discounted rights issue hasn't pleased the market. Shares down almost 10% to 212p.

— Dominic Walsh (@walshdominic) November 28, 2018

The Frankie & Benny’s owner added that about 60 per cent of shareholders agreed to buy the Asian-themed chain. The deal is expected to complete just before Christmas.

According to the BBC, major shareholders including Pensions and Investment Research Consultants (Pirc) and Columbia Threadneedle Investments had opposed the takeover.

Chair Debbie Hewitt told media that she was “very respectful” of those who voted against, and that she had been “really impressed with the level of engagement” among investors. They gave us a lot of time and were robust in their questioning. I’m incredibly grateful to those who have supported us,” she added.