News
Rubio's receives $80 million buyout offer
October 18, 2009
Rubio's Restaurants Inc. said it received an unsolicited offer from an investor group to buy the company for about $80 million.
The company said the group offered $8 per share, a premium of 33 percent over the stock's Wednesday close.
Shares of the Mexican restaurant chain, which operates about 190 restaurants mostly in southern California, jumped 29 percent to $7.75 in trading after the bell. They closed at $6 Wednesday on Nasdaq.
The board intends to consider the offer, Rubio's executives told Reuter's in a statement.
The man who led the buyout offer, Alex Meruelo, has been a major Rubio's stockholder for 10 years and believes Rubio's would be more profitable were it not a public company, said Joe Marchica, executive vice president for acquisition and investments for the Downey-based Meruelo Group, in a San Diego Union-Tribune article.
From the Union-Tribune:
Los Angeles-area entrepreneur Alex Meruelo has long been a major Rubio's stockholder and it made sense for him to make an offer for a company that operates in the same industry and geographic location as some of his food service enterprises, said Joe Marchica, executive vice president for acquisition and investments for the Downey-based Meruelo Group, which invests in real estate and food industry businesses."Really, there's not much more to it than saying Rubio's is an excellent brand with good quality food, and a significant amount of their stores are located in Southern California, which would make for an easier transition for us," Marchica said.
Related Media
Subscribe
Get the latest news and resources from Fast Casual.
Recent Posts
High tech meets high touch at Woworks, powered by Qu
Lean, smart, scalable: Fast Casual Executive Summit panel explores the future of self-service
PAR rolls out AI-powered assistant to streamline restaurant operations
Einstein Bros launching new store design
Playa Bowls restructuring leadership team after acquisition
