Roark Capital has made an offer to buy Buffalo Wild Wings

 

    Roark Capital has made an offer to buy Buffalo Wild Wings, a source familiar with the matter told CNBC.

    Roark made an offer of more than $150 per share, the person told CNBC. Shares surged 28 percent after The Wall Street Journal initially reported the offer.

    As of Monday's close, the company's stock had dropped more than 28 percent over the past 12 months.

 

Lauren Hirsch & Angelica LaVito, CNBC

Nov 13, 2017

 

Roark Capital has made an offer to buy Buffalo Wild Wings, a source familiar with the matter told CNBC.

 

Roark made an offer of more than $150 per share, the person told CNBC. Shares surged nearly 28 percent after The Wall Street Journal initially reported the offer.

 

The person who spoke to CNBC asked not to be named because the information is confidential. Buffalo Wild Wings and Roark did not immediately respond to requests for comment

 

A private equity buyout of the the chicken wing restaurant chain would come months after it lost a bitter proxy contest that led to the retirement announcement of its CEO and the addition of three new directors to its board.

 

Activist investor Marcato had pushed Buffalo Wild Wings to move away from its strategy of mostly owning its restaurants to a more capital-light franchised model. After the proxy fight concluded in June, CEO Sally Smith said she would retire by the end of the year. Marcato added three of its four nominees to the board, including Marcato manager Mick McGuire...

 

more

https://www.cnbc.com/2017/11/13/buffalo-wild-wings-stock-surges-on-report-of-offer-to-buy-restaurant-chain.html