Apollo Global Management Inc. agreed to buy The Restaurant Group Plc, the owner of Wagamama, for £506 million ($623 million).

Investors will receive 65 pence a share in cash, the companies said Thursday. That’s 34% higher than Wednesday’s closing price. Apollo is making the purchase through its funds.

The Restaurant Group has more than 400 restaurants and pubs across the UK, including chains such as Frankie & Benny’s, Chiquito and Brunning & Price. The group is led by Chief Executive Officer Andy Hornby, who was in charge of Halifax Bank Of Scotland when it was rescued during the 2008 financial crisis.

The company has had a volatile few years where it had to weather the pandemic which led to months of closures of its outlets. It has also faced unrest from two activist investors, including the Hong Kong-based Oasis Management and Irenic Capital Management.

Oasis Management has said it has concerns over Restaurant Group’s disappointing share price, governance failures and negative perception in the market.

London-based Restaurant Group said in March and again in May that the board was conducting a strategic review. Irenic Capital said in the correspondence that the company still needs to launch a “formal” review process.