Restaurant Group’s takeover of Wagamama has been approved by 60% of the shareholders.
The deal is worth £559 million, and includes all of Wagamama’s debts.
Shares in the Restaurant Group, which owns the Frankie and Benny’s and Garfunkel’s chains, were down 13% at 205p once the deal had been approved.
Debbie Hewitt, the chair of the Restaurant Group, said: “We have engaged extensively with investors throughout this transaction and very much appreciate the time all have given. We are pleased that the majority of our shareholders have approved the acquisition and the associated rights issue, and we would like to thank them for the support they have shown. We are confident the deal will create significant long-term value.
“The acquisition of Wagamama creates a raft of new opportunities for us to capitalise on in the months and years ahead. We look forward to welcoming the Wagamama team into the business post-completion and thank them alongside all of our Restaurant Group colleagues for keeping focused on delivering for our customers.”
