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Roark Bid for Buffalo Wild Wings Too Low?

Buffalo Wild Wings restaurant

Roark Capital, which has an impressive portfolio of franchise brands, is said to have made an offer on Monday to buy franchisor Buffalo Wild Wings at $150 per share. That caused B-Dubs shares to soar by as much as 28 percent as of today (Tuesday). But is $150 a share too low? Marcato Capital Management, the activist investor company which holds shares in BWW and has been shaking up management, might think so.

Last year, the activist investor Marcato Capital Management began buying up stock in Buffalo Wild Wings Inc., after the stock fell from more than $200 a share to below $150.

The investor nominated four people to the company’s board, and won seats for three of them. Longtime CEO Sally Smith decided to retire, and the stock plunged, to under $100 a share at one point.

Enter Roark Capital, which according to reports on Monday bid $150 per share for the Minneapolis-based chicken wing chain, or about $2.3 billion. — Jonathan Maze, Nation's Restaurant News

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