Apollo may get noodle LBO thrown back in its face

Restaurant

12/10/2023 11:58

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Aimee Donnellan
       LONDON, Oct 12 (Reuters Breakingviews) - The buyout
group may gobble up the UK-listed owner of the Wagamama chain
for $862 mln. It looks like a good deal for the future owner.
Apollo’s decision to drop its John Wood takeover this year shows
it’s no soft touch, but investors can still hold out for a
better dish.
    Full view will be published shortly.
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    CONTEXT NEWS
    UK dining chain Restaurant Group said on Oct. 12 it had
agreed to sell itself to Apollo Group, in a deal that values the
Wagamama owner at 701 million pounds including debt.  
    Apollo will pay 65 pence per share for Restaurant Group, the
company said in a statement, equivalent to a 34% premium to the
company’s price on Oct. 11. 
    Restaurant Group shares were trading at 66.4 pence at 0927
GMT on Oct. 12.
    The deal is being undertaken by a special purpose vehicle
indirectly owned by Apollo Funds, managed by affiliates of
Apollo Global Management.

 (Editing by Neil Unmack and Oliver Taslic)
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