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IN BRIEF: Restaurant Group takeover by Apollo to complete on Thursday

Wed, 20th Dec 2023 15:00

Restaurant Group PLC - London-based restaurant operator, including Wagamama noodle shop chain - Court in Edinburgh sanctions scheme of arrangement for Restaurant Group's acquisition by Rock Bidco Ltd, a special purpose vehicle of funds managed by Apollo Global Management Inc. The effective date of the scheme is expected to be on Thursday. Apollo is a New York-based alternative asset manager. Its offer of 65 pence per Restaurant Group share in cash back in October valued the equity of Restaurant Group at GBP506 million and the company as a whole, including debt, at an enterprise value of GBP701 million. Some London analysts considered the bid too low, and Wheel Topco Ltd, the owner of PizzaExpress Group Ltd, considered a rival bid before backing off in November.

Current stock price: 64.83p

12-month change: more than doubled from 29.98p

By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com

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