Shareholders give approval for the sale of the Restaurant Group

The shareholders of the Restaurant Group (TRG) have given their approval for the company's acquisition by the private equity giant Apollo Global Management, a deal valued at £506 million.

The casual dining group reported that 93.5% of its shareholders have voted in favor of the plan, which entails the company's transition into private ownership through the acquisition by Apollo Global Management.

Apollo Global Management had proposed a cash payment of 65p per share to shareholders, resulting in a total enterprise value of approximately £701 million for the Restaurant Group (TRG), which includes brands such as Wagamama and the Brunning & Price pub chain.

While TRG's directors recommended approving the deal, analysts had differing opinions. Some cautioned that the offered price was too low and might prompt another bid. PizzaExpress owner Wheel Topco did explore the possibility of a rival bid but ultimately chose not to proceed, citing unfavorable 'market conditions.'

Upon receiving approval, the anticipated completion date for the sale is set for December 21st.

This comes in the wake of a turbulent year for TRG, marked by disputes with activist shareholders over the company's strategic direction and the remuneration packages provided to senior executives.

In September, TRG revealed plans to divest its leisure business arm, agreeing to pay the Big Table Group £7.5 million to transfer ownership of its Chiquito's and Frankie & Benny's brands.

TRG encompasses over 400 sites in the UK, including prominent brands such as Wagamama, the Brunning & Price pub chain, and a concessions business.