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The polished-casual chain said it is also open to a significant “strategic” equity investment.
RB’s The Bottom Line compares proposals for the two casual-dining operators to previous restaurant chain transactions.
Ancora Advisors said the company should immediately run a sale process after shareholders withheld votes from two directors.
Institutional Shareholder Services told the company’s investors to withhold votes from two directors.
The casual-dining company “doubts” that the acquisition proposal was “bona fide.”
Ancora Advisors, which made an offer to buy the company in April, is urging shareholders to vote against board members, kicking off a proxy fight.
Get Top 500 data: sales, units and YOY change, average unit volume, and company/franchise units, as well as Technomic’s analysis, growth forecast and more.
The board of directors said that the $11.75-per-share proposal “dramatically undervalues the company.”
Mario Gabelli puts his support behind a sale, saying that it’s too small to be public and hasn’t performed well, says RB’s The Bottom Line.
Large shareholder Ancora Advisors proposed paying $11.75 per share, saying the company would be better off private.
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