Restaurant chain Buffalo Wild Wings has received a takeover bid valued at more than US$2.3 billion from private equity firm Roark Capital Group, the Wall Street Journal reported on Monday, November 13, citing people familiar with the matter.
Roark made an offer of more than US$150 per share in recent weeks, the WSJ reported. The restaurant chain’s shares rose 27.93% to US$150 after the bell following the report.
Roark Capital declined to comment, while Buffalo Wild Wings was not immediately available for comment.
In June, activist hedge fund Marcato Capital Management won a bitter proxy contest that resulted in its naming three directors on the chicken-wing restaurant’s board following which the company’s chief executive Sally Smith said she would retire by the end of the year.
Minneapolis-based Buffalo Wild Wings had a market value of US$2.6 billion at the time.
Full Content: Wall Street Journal
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
NFL Found Guilty of Antitrust Violations in ‘Sunday Ticket’ Trial, Must Pay $4.8 Billion
Jun 27, 2024 by
CPI
StarKist and Former Bumble Bee Foods Owner Settle US Price-Fixing Suit
Jun 27, 2024 by
CPI
Senate Probes Oil Giants for Price-Fixing with OPEC
Jun 27, 2024 by
CPI
Spain to Lodge Anti-Competitive Complaint Against French Rail Operator Ouigo
Jun 27, 2024 by
CPI
Jury Deliberates NFL’s ‘Sunday Ticket’ Class-Action Lawsuit
Jun 27, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Private Equity Roll-Up Schemes
Jun 28, 2024 by
CPI
The FTC’s Focus on Private Equity is Warranted
Jun 28, 2024 by
CPI
Unraveling the Roll-Up: Private Equity’s Misunderstood Investment Strategy
Jun 28, 2024 by
CPI
Antitrust Focus on Private Equity Funds and Serial Acquisitions
Jun 28, 2024 by
CPI
Private Equity Roll-Ups Amidst Heightened Antitrust Enforcement
Jun 28, 2024 by
CPI