Rubio’s Buyout Offer Up To $85 Million

by The Editors on January 28, 2010

Rubios LogoAlex Meruelo and private-equity firm Levine Leichtman Capital Partners have upped their previous offer of $80 million to purchase Rubio’s Restaurants to $85 million according to a story in Nation’s Restaurant News.

According to filings with the Securities and Exchange Commission, Rubio’s had yet to respond to the latest offer, which totals $8.50 per share. Rubio’s rejected the first proposal in late October, at $8 per share, saying it was not in the best interest of the company’s shareholders. . . Carlsbad-based Rubio’s, which operates or franchises about 195 Rubio’s Fresh Mexican Grill locations.

Maybe they should just hold out for $100 million? That’s a nice round number.

[Link: Nation’s Restaurant News]

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