By Tomi Kilgore
Published: Jun 13, 2019 9:19 am ET
Shares of Red Robin Grourmet Burgers Inc. RRGB+30.18% ran up 27% in active premarket trade Thursday, after the restaurant chain disclosed that its third-largest shareholder, Vintage Capital Management LLC, said it was prepared to make a buyout bid for the company. In a letter Red Robin's board of directors, Vintage, which owns 1.5 million shares, or 11.5%, of Red Robin's outstanding shares, said it was prepared to pay $40 a share in cash an auction to buy the rest of Red Robin shares that it didn't already own. That would represent a 57% premium to the stock's Wednesday closing price, and would value the company at about $519 million. Earlier this month, Red Robin adopted a shareholder rights plan, known as a poison pill, aimed at protecting the company from a hostile takeover. Vintage said it has sought communication with management to help drive an improvement in the strategic direction and to help recruit "an 'A+' operator" to accept the chief executive officer role, given that "it is clear that many such quality candidates are refusing to entertain the opportunity due to the lack of confidence in the board's leadership and Red Robin's disastrous operating and market performance." Red Robin's stock has tumbled 52% over the past 12 months, while the S&P 500 SPX+0.41% has gained 3.8%.
Recent RRGB News
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- Red Robin Gourmet Burgers, Inc. Completes Third Sale-Leaseback Transaction With Essential Properties Realty Trust, Inc. • Business Wire • 03/04/2024 01:00:00 PM
- Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Fourth Quarter and Fiscal Year Ended December 31, 2023 • Business Wire • 02/28/2024 09:05:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 09:04:56 PM
- Red Robin Gourmet Burgers, Inc. to Release Fiscal Fourth Quarter and Full Year 2023 Results on February 28, 2024 • Business Wire • 02/14/2024 09:05:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 08:44:45 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 03:05:41 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/08/2024 08:14:17 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 02/02/2024 10:01:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/02/2024 09:40:47 PM
- RED ROBIN AND JUICY COUTURE DROP "JUICIER" TWIST ON THE ICONIC TRACKSUIT • PR Newswire (US) • 02/01/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/25/2024 09:05:23 PM
- RED ROBIN UNLEASHES FAMOUS GOURMET BURGERS, BREWS AND FUN AT NEWEST LOCATION IN ROSSFORD, OHIO • PR Newswire (US) • 01/09/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/20/2023 09:03:11 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 12/20/2023 09:01:15 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/12/2023 02:30:58 AM
- Red Robin Gourmet Burgers, Inc. Names Meghan Spuler Chief People Officer • Business Wire • 12/07/2023 01:00:00 PM
- RED ROBIN INTRODUCES LIMITED-EDITION GIFT CARD THAT DOUBLES AS A PASS TO FREE APPETIZERS IN 2024 • PR Newswire (US) • 11/21/2023 09:43:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 11/16/2023 09:09:01 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/03/2023 09:17:04 PM
- Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Third Quarter Ended October 1, 2023 • Business Wire • 11/01/2023 08:05:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/01/2023 08:03:36 PM
- RED ROBIN SERVES UP FREE BURGERS AND BOTTOMLESS FRIES TO MILITARY MEMBERS THIS VETERANS DAY • PR Newswire (US) • 10/25/2023 08:00:00 PM
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