Rubio's Restaurants receives unsolicited buyout offer

Rubio's Restaurants receives unsolicited buyout offer
Tags: Fresh Mex, Operations Management
October 19, 2008

CARLSBAD, Calif. — Fresh Mex restaurant operator Rubio's Restaurants Inc. has received an offer from San Diego Kelly Capital to buy all of the company's outstanding common stock for $49.7 million, or $5 per share, the company announced. The offer was contingent on Kelly obtaining financing for the deal.

Rubio's shares closed Friday at $4.28 Rubio's operates 184 restaurants in California, Arizona, Colorado, Utah and Nevada. Comparable store sales fro the company's restaurants decreased 2.1 percent for the third quarter of 2008, compared with decreases of 3.3 percent and 3.9 percent in the first and second quarters, respectively.

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