In charge: Andy Hornby
The owner of Wagamama is set to become the latest British firm to leave the London stock market after a £506m bid from private equity.
The board of The Restaurant Group (TRG) has accepted a 65p-a-share offer from Apollo Global, having rejected an earlier proposal from the US giant.
Shares in the company rose 36.1 per cent, or 17.45p, to 65.8p. The deal will land chief executive Andy Hornby, a former banker who took HBOS to the brink of collapse in the financial crisis, around £700,000 for his shares.
TRG has been on a mission to slim down, selling its loss-making leisure arm including the Frankie and Benny’s and Chiquito chains to rival Big Table last month.
Apollo said its plan to take over the business, which also includes Brunning & Price pubs, is backed by Oasis, TRG’s biggest shareholder with a 17.8 per cent stake, and New York’s Irenic Capital.
Both activists criticised TRG’s strategy and were part of a revolt this year over fat cat pay and its direction under Hornby, who is set to stay.
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