Waga­mama takeover gets the go-ahead

Yorkshire Post - Business - - NEWS / BUSINESS -

The Restau­rant Group has clinched ap­proval for its con­tro­ver­sial takeover of the Waga­mama chain, de­spite a sig­nif­i­cant level of op­po­si­tion from share­hold­ers.

The full re­sults showed just un­der 61 per cent of share­hold­ers sup­ported the £559m deal, which will be paid for through a com­bi­na­tion of a £315m rights is­sue and a £220m re­volv­ing credit fa­cil­ity.

With al­most two fifths of vot­ers op­pos­ing the deal, The Restau­rant Group said it would en­gage with in­vestors to ad­dress their con­cerns.

Chair­man Deb­bie He­witt said: “The ac­qui­si­tion of Waga­mama cre­ates a raft of new op­por­tu­ni­ties for us to cap­i­talise on in the months and years ahead. We look for­ward to wel­com­ing the Waga­mama team into the busi­ness post-com­ple­tion and thank them along­side all of our Restau­rant Group col­leagues for keep­ing fo­cused on de­liv­er­ing for our cus­tomers.”

Ma­jor Restau­rant Group in­vestors in­clud­ing Columbia Thread­nee­dle and US ac­tivists Griz­zlyRock Cap­i­tal and Vi­valdi As­set Man­age­ment have pub­licly voiced op­po­si­tion to the ac­qui­si­tion in re­cent weeks, say­ing it had “red flags”.

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