UK's Loungers hits record high on agreeing to takeover by Fortress Investment

Loungers

28/11/2024 08:47

** Shares of Loungers  LGRS.L  surge by 29% to a record high of
307p
** U.S.-based investment group Fortress Investment Group
announces the acquisition of the restaurant chain at an
enterprise value of about 350.5 mln pounds ($443.6 mln)
** The 310 pence-per-share cash offer represents a premium of
30.3% to stock's last close
    ** Stock set for biggest intraday gain since April 2020
    ** As of last close, stock up 5.3% YTD
     
     
    ($1 = 0.7901 pounds)

(Reporting by Subiksha S in Bangalore)
((Subiksha.S@thomsonreuters.com))