Apollo Funds Agree to Buy Wagamama Owner for $623 Million
- Restaurant Group has been target of activist shareholders
- Shares had dropped more than 90% since their peak in 2015
A Wagamama restaurant in London.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
Apollo Global Management Inc. agreed to buy The Restaurant Group Plc, the owner of Wagamama, for £506 million ($623 million), after activist shareholders complained about the company’s strategy and ailing stock price.
Investors will receive 65 pence a share in cash, the companies said Thursday. That’s 34% higher than Wednesday’s closing price. Apollo is making the purchase through its funds.