Ashurst advises on £338m recommended takeover of Loungers

Global law firm Ashurst is advising HSBC Bank plc, as financial adviser to CF Exedra Bidco Limited (Bidco), a newly formed company indirectly owned by funds and accounts managed or advised by affiliates of Fortress Investment Group, LLC (Fortress), on the recommended cash offer by Bidco to acquire the entire issued and to be issued ordinary share capital of Loungers plc (Loungers). The acquisition values Loungers share capital at approximately £338.3 million on a fully diluted basis.

Under the terms of the acquisition, each Loungers shareholder will be entitled to receive for each Loungers share 310 pence in cash with an alternative option to participate in an unlisted share alternative in respect of some or all of their Loungers shares.

Loungers operates café bars, café restaurants, and roadside dining across the United Kingdom. Fortress is a global investment manager with approximately US$48 billion in assets under management as of 30 June 2024.

The Ashurst team is being led by partners Tom Mercer and Tim Rennie, supported by senior associates Colin Bugler and Eilish O'Neil and associate Patrick Chambers.