Activist shareholders look to be setting the menu for Wagamama owner Restaurant Group Plc. Having rebuffed calls for change earlier this year, the company has moved to embrace several key recommendations put forward by funds such as Oasis Management Co. and Irenic Capital Management. With investor pressure unlikely to let up, further changes can be expected that focusTRG more tightly on its prized Asian-style noodle chain — and potentially burnish the company’s appeal as an acquisition target.
TRG has already taken three steps this month that can be seen as concessions to dissenting shareholders: introduced segmental reporting in its interim results; agreed to sell its unprofitable leisure division, including the Frankie & Bennys and Chiquito brands, for the nominal sum of £1 plus a cash contribution of £7.5 million ($9.2 million); and announced the departure of Chairman Ken…
