Buffalo Wild Wings Inc. (NASDAQ:BWLD) has reportedly agreed to be taken over by private equity firm Roark Capital Group for US$2.4bn, sending its shares higher in US pre-market trading.
Private-equity firm Roark, which owns Arby’s Restaurant Group and Cinnabon, will pay about US$157 per share in cash for the restaurant operator, Bloomberg reported, citing sources.
Buffalo Wild Wings to merge with Arby's
The deal would represent a premium of about 34% to the stock’s 13 November closing price before Roark’s initial bid of US$150 a share was reported.
It is understood that Buffalo Wild Wings will merge with Arby’s but the two brands will remain distinct, according to the report. Arby’s chief executive Officer Paul Brown will become chief executive of the combined business.
Shares in Buffalo Wild Wings gained 6.22% to US$155.50 each in US pre-market trading.
