- TRG acquisition price criticized.
- TMR Capital values TRG higher.
- Apollo’s deal for TRG.
An activist investor has criticized The Restaurant Group (TRG) acquisition price, claiming that the restaurant chain owner is undervalued by approximately £100 million.
Apollo, a prominent American private equity firm, has reached a deal to acquire The Restaurant Group in its entirety for £506 million (equivalent to 65 pence per share).
TRG’s executives have supported the transaction, stating that they rejected an earlier lower proposal.
In contrast, TMR Capital, which has advocated for months for the company to divest all of its brands with the exception of Wagamama, a noodle chain, estimates that The Restaurant Group’s share price is at least 80p.
This would increase its value beyond £600 million.
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TMR said Apollo was aware of The Restaurant Group as an acquisition target.
The Restaurant Group announced in September that it would sell the Café Rouge owner the Frankie and Benny’s and Chiquito’s restaurant franchises.
