November 28, 2018 / 11:58 AM / 15 days ago

Restaurant Group's investors vote in favor of Wagamama deal

People walk past a branch of restaurant chain Wagamama in Manchester, Britain September 21, 2017. Picture taken September 21, 2017. REUTERS/Phil Noble

(Reuters) - Restaurant Group’s (RTN.L) investors on Wednesday approved its proposed acquisition of noodle chain Wagamama, a day after proxy voting adviser Pensions and Investment Research Consultants Limited asked shareholders to oppose the deal.

The owner of Frankie & Benny’s said that 60.43 percent votes at the shareholders’ meeting were cast in favor of the 357 million pound ($456.46 million) deal, which gives it a larger chain of pubs and airport and shopping mall eateries.

The deal was also opposed by some investors and Restaurant Group’s stock was down 12.7 percent at 205.2 pence at 1135 GMT.

($1 = 0.7821 pounds)

Reporting by Tanishaa Nadkar in Bengaluru

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