Loungers, meanwhile, is receiving legal advice from Jones Day and financial guidance from Houlihan Lokey.
Loungers £351M Fortress Takeover Bid : Shareholder Approval Likely
Loungers’ directors unanimously consider the cash offer to be fair and reasonable, and shareholders holding 40.2% of the company have committed to supporting the deal. A court and general shareholders meeting will be scheduled to finalize the acquisition.
Fortress believes taking Loungers private will benefit the company, its customers, and stakeholders, offering the flexibility to focus on long-term growth. The offer price of 310 pence exceeds the company’s highest-ever share price on the LSE.
Loungers £351M Fortress Takeover Bid : Loungers’ Journey and Next Steps
The company, which operates café bars, restaurants, and roadside dining outlets, has been listed on the London Stock Exchange since 2019. Fortress’ investment aligns with its history of growing hospitality brands, setting the stage for Loungers’ continued expansion under private ownership.
