November 27, 2018 / 3:48 PM / in 6 months

PIRC advises investors to oppose Restaurant Group's Wagamama deal

FILE PHOTO: People walk past a branch of restaurant chain Wagamama in Manchester, Britain September 21, 2017. REUTERS/Phil Noble/File Photo

LONDON (Reuters) - Proxy voting adviser Pensions & Investment Research Consultants Limited (PIRC) told investors on Tuesday to oppose Restaurant Group’s (RTN.L) proposed 357-million-pound deal to acquire the Wagamama noodle chain.

PIRC said its concerns included the debt that Restaurant Group will take on to help finance the acquisition and the shareholder dilution that will be caused by the rights issue the company is also undertaking to partly fund the deal.

Investors are scheduled to vote on the proposed acquisition at a meeting on Wednesday.

Reporting by Ben Martin; Editing by Adrian Croft

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