93.5% of shareholders voted in favour of the deal, which will take the company private.
In a statement, the group said: “In total, at the court meeting, 93.46% by value of scheme shareholders (as against a threshold of 75%) and 75.59% in number (as against a threshold of at least 50%) voted to approve the scheme. In total, at the general meeting, 93.53% by value of TRG shareholders (as against a threshold of 75%) voted to pass the special resolution to implement the scheme, including the amendment of TRG’s articles of association.”
The £506m ($620m) transaction was announced in October 2023.
Apollo agreed to pay TRG stakeholders 65 pence per share in cash. This marked a 34% premium to the stock’s last close of 48 pence per share on 11 October 2023.
The deal is expected to close on 21 December 2023.
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At the time of the deal’s announcement, TRG chairman Ken Hanna said: “As a result of ongoing positive management actions and the margin accretion plan we announced in March this year, the group has recovered well from the challenges of the pandemic and the cost of living crisis. This is evidenced by the continued strength of our trading performance versus the broader hospitality sector and the share price increasing 55% this year.”
According to a report by Reuters, the deal follows a period of financial turbulence for TRG, prompting calls for a leadership change from activist investors and shareholders.
Apollo is said to have been considering TRG for many years.
TRG’s portfolio includes brands such as Wagamama, the Brunning & Price pub chain and a concessions business. The company has more than 400 restaurant sites in the UK.
In September 2023, TRG agreed to sell its loss-making leisure unit to the Big Table Group.
The sale included restaurant brands Frankie & Benny’s and Chiquito. The business had 75 eateries after TRG closed 40 of its sites during 2023 following weak business.