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US: Buffalo Wild Wings receives US$2.3b takeover offer from Roark Capital

 |  November 14, 2017

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

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