Stock Monitor: Bojangles' Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 17, 2018 / If you want access to our free research report on Bravo Brio Restaurant Group, Inc. (NASDAQ: BBRG) ("BBRG"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=BBRG as the Company's latest news hit the wire. On May 15, 2018, the Company announced that it has rejected an unsolicited bid by Romano's Macaroni Grill to purchase all of the fully-diluted outstanding common shares of BBRG for approximately $4.78 per share. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Bravo Brio Restaurant Group most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Proposal was not Superior to Spice Merger Agreement
Macaroni Grill's unsolicited proposal relies on significant third party financing (both debt and equity), including by Raven Capital Management LLC, which was a prior participant in the Company's comprehensive review of strategic alternatives that led to BBRG's entry into a definitive merger agreement on March 07, 2018, with an affiliate of Spice Private Equity Ltd.
Macaroni Grill did not intend to use its own cash on hand or immediately available borrowing capacity to fund the transaction. BBRG's Board of Directors thoroughly evaluated the proposal, and requested clarification of the terms and conditions, including copies of the referenced commitment papers of Macaroni Grill's proposal. In response, Macaroni Grill delivered highly-conditional and non-binding letters of financing support which were not enforceable by the Company. The proposed transaction was also subject to an additional regulatory condition relating to the receipt of approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, which such condition was not applicable to the transactions contemplated by the Spice Merger Agreement. Macaroni Grill did provide the Company with a proposed revised merger agreement that it would be prepared to execute to effect a transaction.
Following the evaluation, BBRG's Board unanimously determined that the proposal did not constitute and would not reasonably be expected to result in a Superior Proposal, as defined in the Spice Merger Agreement and, accordingly, rejected Macaroni Grill's proposal.
BBRG to Proceed with Sale Deal Announced Earlier with Spice Private Equity
On March 08, 2018, BBRG; GP Investments Ltd, which is a leading private equity and alternative investment firm; and its controlled Company, Spice Private Equity Ltd, which is a Swiss investment firm focused on private equity investments, announced a merger agreement under which an affiliate of Spice Private Equity would acquire the Company for a total enterprise value of approximately $100 million. The transaction proceeds would be funded by Spice Private Equity, along with certain third party financing sources.
Pursuant to the merger agreement, BBRG's shareholders will receive $4.05 per share in cash. The purchase price represents a premium of around 37% over the volume weighted average price of the Company's shares. The merger agreement has been unanimously approved by BBRG's Board of Directors. The transaction is expected to close by the end of Q2 2018. BBRG will call a special meeting of shareholders on May 22, 2018, to approve the transaction with Spice Private Equity.
About Bravo Brio Restaurant Group, Inc.
Founded in 1992 and headquartered in Columbus, Ohio, BRIO Restaurant Group is a leading owner and operator of two distinct Italian restaurant brands, BRAVO! Cucina Italiana (BRAVO!) and BRIO Tuscan Grille (BRIO). It has positioned its brands as multifaceted culinary destinations that deliver the ambiance, design elements, and food quality reminiscent of fine dining restaurants.
Stock Performance Snapshot
May 16, 2018 - At Wednesday's closing bell, Bravo Brio Restaurant Group's stock ended the trading session flat at $4.05.
Volume traded for the day: 49.44 thousand shares.
Stock performance in the last month – up 1.25%; previous three-month period – up 22.73%; past six-month period – up 84.09%; and year-to-date - up 62.00%
After yesterday's close, Bravo Brio Restaurant Group's market cap was at $61.97 million.
The stock is part of the Services sector, categorized under the Restaurants industry. This sector was up 0.8% at the end of the session.
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