Key Developments For Rubio's Restaurants Inc
Rubio's Restaurants Inc (RUBO.O) (Consolidated Issue listed on NASDAQ Global Market)
Rubio's Restaurants, Inc. Rejects Meruelo Group Proposal And Announces Plan To Evaluate Strategic Alternatives
Rubio's Restaurants, Inc. announced that its Board of Directors has unanimously rejected the unsolicited proposal from a group consisting of Alex Meruelo and his affiliates and Levine Leichtman Capital Partners IV, L.P. to acquire all of the Company's outstanding common stock for $8.00 per share. The Board, after a thorough review with management, a Special Committee of the Board and its financial and legal advisors, determined that the proposal was not in the best interests of the Company's stockholders. The Board has commenced a process to evaluate the Company's strategic alternatives to enhance stockholder value, including an evaluation of the expressions of interest received by the Company. No timetable has been set for completion of this evaluation process, and there can be no assurance that any transaction will result. The Board has engaged Cowen and Company, LLC to provide financial advice and assist the Board with its evaluation process.
Rubio's Restaurants, Inc. Receives An Unsolicited Letter Outlining a Proposal to Acquire All Outstanding Common Stock
Rubio's Restaurants, Inc. announced that its Board of Directors had received an unsolicited letter, dated October 13, 2009, from a group consisting of Alex Meruelo and his affiliates and Levine Leichtman Capital Partners IV, L.P. outlining a proposal to acquire all of the Company's outstanding common stock for $8.00 per share.
Rubio's Restaurants, Inc. Rejects Unsolicited Letter of Interest
Rubio's Restaurants, Inc. announced that its Board of Directors rejected the unsolicited acquisition proposal, dated October 15, 2008, from Kelly Capital. After reviewing the acquisition proposal, including the price offered and Kelly Capital's financing contingency, the Company's Board concluded that the proposal is not in the best interests of the Company or its stockholders.
Rubio's Restaurants, Inc.'s Board Intends To Consider Kelly Cap Offer-DJ
Dow Jones reported that Rubio's Restaurants, Inc. said that its Board intends to consider shareholder Kelly Capital's unsolicited $5 a share offer to buy all the Company's outstanding shares.
Kelly Capital Prepared To Buy Rubio's Restaurants, Inc. For $5 Per Share-DJ
Dow Jones reported that Rubio's Restaurants, Inc. shareholder Kelly Capital LLC said that it's prepared to offer $5 a share cash for all outstanding shares of the Company. Kelly Capital, which holds a nearly 6% stake in the Company, has been agitating for changes at the Company. The offer is a 26% premium to the Company's closing price of $3.97 on October 16, 2008.
