Buffalo Wild Wings Gets Takeover Offer From Roark, Report Says
Roark Capital of Atlanta -- the owner of the Arby's, Hardee's, Jimmy John's, and Schlotzsky's chains -- has offered to acquire Buffalo Wild Wings and take it private, states the Minneapolis Star Tribune (Nov. 13, Ramstad). The move comes five months after an activist investor Mick McGuire of Marcato Capital won strategic control of the company. Roark Capital has reportedly offered nearly $150 a share, or $2.3 billion, for Buffalo Wild Wings. However, the offer is under the price of Buffalo Wild Wings shares prior to McGuire winning a proxy battle at the company's annual meeting earlier this summer. It is also well below the $300 price McGuire told investors he could lead the company to over the next few years. "If Roark succeeds with a formal offer for Buffalo Wild Wings, it would add to a portfolio of restaurant companies that now includes about 20 well-known brands," notes the newspaper.
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