Arby’s Restaurant Group Inc, which is owned by private-equity firm Roark Capital Group, said Tuesday it has agreed to acquire Buffalo Wild Wings Inc. for $157 a share in cash, in a deal valued at $2.9 billion, including debt. The price is about a 38% premium over Buffalo Wild Wings’ 30-day volume-weighted average stock price as of November 13, 2017, the last trading day before news reports about a potential transaction. The company is expecting the deal to close in the first quarter of 2018. Once the deal is closed, Buffalo Wild Wings will operate as a privately-held unit of Arby’s. Buffalo Wild Wings stock jumped 6.5% in premarket trade on the news, but is down 5% in 2017 through Monday, while the S&P 500 has gained 16%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News