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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]

{ 1 comment… read it below or add one }

Clark February 2, 2010 at 1:26 pm

I hope Ralph and his brother hold out and don’t sell. Last thing we need is another great hometown company turning into some corporate zombie clone, shuffling about its daily grind (think Pat & Oscar’s), a pale shadow of its former self. Once these investors pony up the big cash, they want returns – which usually involves canning people, reducing quality of offerings, and closing locations that don’t meet their profit criteria (even if they’re making money).

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