Fortress Investment Increases Bid for Loungers

Fortress Investment Group has raised its bid to acquire Loungers, a UK-based hospitality chain, from £338 million to £354.4 million, offering shareholders 325 pence per share. This new offer follows significant shareholder resistance to the initial proposal, with some investors expressing concerns about the timing of the sale. Loungers' executive chairman, Alex Reilley, and CEO, Nick Collins, warned that their positions would become untenable if the shareholders reject the increased bid. Fortress believes in Loungers' growth potential and aims to support the management team through the next phase of expansion. The acquisition implies an enterprise value of approximately £366.6 million and is set to be voted on by shareholders on January 30. Despite recent challenges, Fortress remains confident in the UK market.