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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (5499)	9/5/2019 10:48:59 AM
From: Robert O	Read Replies (1) \| Respond to of 7243

Red Robin Gourmet Burgers rejects hostile buyout bid, stock falls Published: Sept 5, 2019 9:52 a.m. ET Red Robin Gourmet Burgers Inc. RRGB, +0.18% said Thursday that its board of directors "unanimously rejected" Vintage Capital Management's hostile buyout bid of $40 a share. The restaurant chain's stock slumped 0.7% in morning trading, and was 19.2% below the $40 level. Red Robin said the board determined that Vintage's bid "undervalues" the company and "is not in the best interest of all shareholders," noting that Vintage's proposal is conditional and contains uncertainty with respect to the likelihood of completion. The company said it believes the current strategic plan being implemented will deliver greater long-term value for shareholders than Vintage's bid. Separately, Red Robin said it named Paul Murphy as its chief executive officer, effective Oct. 3, succeeding Pattye Moore who was named interim CEO in April. Murphy was executive chairman of Noodles & Co. from 2017 to 2019, and CEO of Del Taco Restaurants from 2009 to 2017. Red Robin's stock has rallied 22.4% over the past three months, while the S&P 500 SPX, +1.45% has gained 5.2%.