Carlsbadistan’s Rubio’s Restaurants could be the target of a buyout as San Diego’s Kelly Capital investment firm makes an “unsolicited offer” for the company, according to a story in the San Diego Union-Tribune.
Dan Pittard, president and chief executive officer of Rubio’s, said the company’s board will meet next week to consider the offer, which is subject to Kelly Capital obtaining financing. He declined to comment further. . . . The $5-per-share offer by Kelly Capital, made in a letter dated Wednesday, represented a 26 percent premium on Rubio’s closing price that day of $3.97. Rubio’s shares closed yesterday at $4.28.
The way Rubio’s business has been headed lately, we’d take the money.
[Link: San Diego Union-Tribune]
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