Beer plays: Rock Bottom Restaurants....???
Re: Wallace: I considered the beer biz ...(snip)... I haven't dug real deep into this, so take my comments with a grain.
Ugh...tell me no pun was intended! :-) I agree with you...unless you are buying a market leader like BUD, or willing to buy Miller owner Philip Morris, ciggies and all, there is not much here IMO. A lot of wreckage here...Redhook, Pete's, Sam Adams...some expensive hobbies were funded by shareholders IMO!
That said, I did a quick check on BREW: Rock Bottom Restaurants, once a high-flying chain of brew-pubs. Trading at $9, there is an approved merger agreement to buy the company at $10...FWIW, here is the PR:
Rock Bottom Restaurants Enters Into Merger Agreement
PR Newswire - March 19, 1999 08:36
LOUISVILLE, Colo., March 19 /PRNewswire/ -- Rock Bottom Restaurants, Inc. (Nasdaq: BREW)
today announced that it has entered into a definitive agreement to be acquired by RB Capital, Inc., a
newly-formed corporation organized by the Company's Chairman, President and Chief Executive
Officer, Frank B. Day, for $10.00 per share in cash. Mr. Day is also one of the Company's
co-founders and is a significant stockholder of the Company. The investors in RB Capital, including
Mr. Day, collectively own approximately 28% of the outstanding common stock of Rock Bottom. ..... |
