US private equity group Apollo Global Management has struck a deal to buy Wagamama owner The Restaurant Group for £506mn, following a lengthy campaign by activist investors for a shake-up of the dining operator.
Under the terms of the deal announced on Thursday, Apollo will pay 65p a share in cash for TRG, which represents a premium of around 34 per cent to the stock’s last closing price.
The take-private deal follows a rolling activist campaign at the casual dining group in which shareholders, including Hong Kong-based fund Oasis Management, have pushed for a shake-up or sale of TRG’s restaurant assets.
Read the full story on the Financial Times here.