Table of Contents
More shareholders have opposed the acquisition of a coffee chain by a US private equity firm.
Fund manager Downing, who has a 1.5 per cent stake in Loungers, said he was “absolutely furious” about the proposed deal. And Gresham House said it would use its nearly 4 percent stake to “vote against this transaction.”
The comments came after Slater Investments, which owns more than 10 per cent of Loungers, and Axa Investment Management, with more than 4 per cent, said they opposed the acquisition.
But Canaccord Genuity Asset Management, which owns a 1.7 percent stake in Loungers, became the latest shareholder to back the deal.
Private equity offering: Loungers owns the Cozy Club (pictured) and Brightside brands and has 280 sites
This brings confirmed support for the takeover to 41.9 percent. Loungers, which owns the Cozy Club and Brightside brands and has 280 sites, this week agreed a £338m takeover by Majestic Wine owner Fortress Investment Group.
But Downing partner Judith Mackenzie said: “We are furious about this.” He said the attempt to buy sunbeds was “opportunistic.”
DIY INVESTMENT PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-to-use portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free Fund Trading and Investment Ideas
interactive inverter
interactive inverter
Fixed fee investing from £4.99 per month
sax
sax
Get £200 back in trading fees
Trade 212
Trade 212
Free trading and no account commission
Affiliate links: If you purchase a This is Money product you may earn a commission. These offers are chosen by our editorial team as we think they are worth highlighting. This does not affect our editorial independence.