Columbia Threadneedle, a top-5 investor in Restaurant Group (RTN.L), said on Tuesday it would vote against the company’s proposed acquisition of noodle chain Wagamama for 357 million pounds ($458.5 million).
UK Equities Fund Manager James Thorne said while the strategic rationale was understandable, “the size and price of the deal at this point in the cycle throws up too many red flags”.
Columbia Threadneedle said in a statement that it owned a 7.7 per cent stake in Restaurant Group, which according to Refinitiv Eikon data makes it among the company’s biggest shareholders.
Source: Reuters.com