Chipotle now has a $10 billion market cap. Okay, okay, Qdoba is not a CMG, but is it 40% as good or 20%? Someone, please explain why JACK management is not taking this opportunity to maximize shareholder value and spin this thing off? Given the IPO frenzy in high tech and the strength in the restaurant sector, the timing is perfect. It is beyond belief that some activist investor does not see this and force management to use this opportunity to spin off Qdoba. The timing is perfect! What is JACK management waiting for?
This close to the end of their fiscal year on about October 1, they want to wait for a full year's operating results before spinning off Qdoba. The reason for this is that an IPO will accompany any spinoff, and they need to prepare all the filings for such an offering based on a full year for the obvious reason of easier comparisons. You are right, it is inevitable that they spinoff Qdoba. And the sooner the better given the analogy with Chipotle and an improving outlook for the restaurant category generally.