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Rights issue gives green light to Restaurant Group's Wagamama purchase

14 December 2018 by
Rights issue gives green light to Restaurant Group's Wagamama purchase

The Restaurant Group has reported a 92% take up of its rights issue giving the green light for the completion of its Wagamama acquisition.

The owner of Garfunkel's, Frankie & Benny's and Chiquito will purchase 133-site Wagamama in a deal that values the company at £559m.

Shareholders have approved its purchase last month with about 60% voting in favour.

The Restaurant Group needed to raise £315m through the issue of 290 million new shares to fund the acquisition, with existing shareholders offered 13 new for nine old shares based at 108.5p.

The acquisition is expected to complete by the end of the year.

Restaurant Group shareholders approve £559m Wagamama purchase>>

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